More Americans plan on saving tax refund - KFVS12 News & Weather Cape Girardeau, Carbondale, Poplar Bluff

More Americans plan on saving tax refund

(Source: Pixabay) (Source: Pixabay)
MISSOURI (KFVS) -

If you're getting a tax refund this year, chances are good you will put a large sum of that in your savings account instead of spending it.

Some 66 percent of individual taxpayers will get a refund check in 2016. In fact, Bloomberg says Americans will get back $330 billion in tax refunds this year.

According to a study released by the National Retail Federation, 49.2 percent of those expecting a refund plan to save the money. That's the highest percentage since 2007.

“Americans this year see refund season as a time to improve their financial health … Money saved is spending potential down the road,” NRF President and CEO Matthew Shay said.

Decent news for retailers, though, not everyone will store their money away for later.

Here's a break down of the numbers:

  • 49.2 percent plan to save the money
  • 34.9 percent will pay down debt
  • 22.4 percent will spend everyday expenses
  • 11.4 percent plan to book a vacation
  • 9.2 percent plan will buy a television or car
  • 8.3 percent plan to indulge on a spa or night out

However, personal finance experts do suggest using a little of your tax return to splurge. Doing so helps you avoid binge-spending later.

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Copyright 2016 KFVS. All rights reserved.

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