Nearly Half of American Taxpayers are Saving their Tax Refund, TaxAct Survey Shows
"It's great that Americans are applying their refund to savings, but by not taking a close look at their withholdings throughout the year, many of them are giving the government an interest-free loan," said
Baskaran mentioned the survey found 57 percent of all Americans check their finances at least once per month with 9 percent checking them on a daily basis. Bank and credit card statements are the leading documents Americans use to check their finances. This, coupled with the fact that consumers are saving their refund, further demonstrates Americans' commitment to financial health and literacy.
Baskaran urged those getting refunds to go beyond investing through traditional savings accounts. "Taking your money and investing it directly through BluVest™, an online investment advisory program offered by our sister company HD Vest Advisory Services®, can immediately turn refund day into investment day," Baskaran said. BluVest provides taxpayers with the opportunity to invest their refund dollars in traditional and ROTH Individual Retirement Accounts (IRAs), turning tax filing into an opportunity to improve their financial health.
Additional key findings from the survey include:
- Parents are More Likely to Evaluate the Tax Return: 42 percent of taxpayers with children are more likely to use tax documents to check their financial health versus 25 percent of filers without children.
- Playing Catch Up: Outside of savings, American taxpayers are more likely to use their tax refund for expenses they've put off, like doctor's appointments and home or car repairs.
- Paying Down Loans: One in five American taxpayers will pay off debt with their refund. This jumps up to 31 percent for millennials.
To educate consumers on how they can get extra money all year instead of one day,
This survey of 1,014 adults, comprising 504 men and 510 women, 18 years of age and older, was conducted by
1 According to collective week end reports for taxact.com released by
Shaunna MorganTaxAct Public Relations firstname.lastname@example.org 319.531.3626 Alexandra Gambale Peppercommagambale@peppercomm.com 212.931.6170
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