|NRF: Consumers Are Saving Tax Refunds|
|Written by Christine D. Johnson|
|Thursday, 18 February 2016 02:50 PM America/New_York|
Planning for the future is top of mind for Americans this year, with more consumers than ever putting their tax refunds into savings. According to the National Retail Federation’s (NRF) annual Tax Returns Survey conducted by Prosper Insights and Analytics, 49.2 percent of those expecting a refund plan to save the money rather than spend it right away, the highest percentage in the survey’s history. Nearly two-thirds (65.5 percent) of those surveyed expect a refund.
“Consumers are building their spending power and boosting their confidence as they set aside their checks from Uncle Sam,” NRF President and CEO Matthew Shay said. “Americans this year see refund season as a time to improve their financial health by using their refunds to get ahead on savings goals and plan for bigger purchases in the future. Money saved is money waiting to be spent.”