Most Americans Plan to Save Their Tax Refunds

Fri, 26 March 2021  |  consumers economy 

The COVID-19 pandemic is still impacting the United States' economy. Even though the Internal Revenue Service delayed the tax filing deadline, many may still file early -- if they haven't already. Some taxpayers may be relying on their refunds for financial certainty after an uncertain year. A new survey from MyBankTracker.com asked more than 3,500 Americans how they plan to use their tax refund.

• Building savings is the most popular intended use (19%) for the 2021 tax season refund
• About 14% plan to pay off existing debt
• Around 8% want to use it on a household expense
• Only 4.3% say they will invest it
• Men are more likely to invest the tax refund (5.8%) or spend it (3.1%) on something fun
• Women are more likely to save the tax refund (19.3%), use it pay off debt (15.4%), or use it for a household expense (8.7%)
• The middle age groups (ages 35-44 and 44-54) chose "Other" as the most popular use for their tax refunds
• All other age groups chose "Savings" as their most popular money option
• Respondents age 25-34 are the most likely to invest their tax refunds or spend it on something fun
• Nearly 35% of respondents do not expect a refund

Source: MyBankTracker