Thursday, March 1, 2018

Consumers using tax refunds to pay down debt and save

Chain Store Age
Retailers shouldn’t expect much of a big sales bump this year from consumers’ tax refunds.

More Americans than ever plan to hold on to their tax refunds this year rather than spending the money they get from the IRS, according to the annual tax refund survey by the National Retail Federation and Prosper Insights & Analytics.

Of the 65% of taxpayers expecting a refund, 49% say they will put it into savings. That’s up from 48% last year and the highest level in the 12-year history of the survey.. . . more