A recent consumer survey by the National Retail Federation asked respondents of different income levels how they planned on spending their tax refunds. The survey results showed that the vast majority of respondents earning less than $50,000 per year were likely to use their money for savings (43.8 percent), to pay down debt (38.1 percent) or to pay for everyday expenses (30.1 percent). A mere 8.3 percent planned on indulging on a “splurge” purchase like going out to eat. The results, once again, highlight the crucial role tax refunds play in helping low-income workers both save for emergencies and make ends meet.
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