But with the economy also
serving as a reminder that it's best to be financially prepared for the worst, 42.1% of people will put their refunds away for a rainy day vs. 40.3% in 2010. 66.2% of tax payers are
expecting a refund this year, up from 65.5% last year.
Matthew Shay, NRF President and CEO, says "Despite the difficult unemployment situation... Americans receiving a tax refund this year seem eager to plough this money back into the economy... NRF is becoming more bullish about the economic recovery."
Other ways consumers will use their refunds include:
This year, 57.6% of U.S. taxpayers will file their taxes online, up from just 50.1% in 2007:
According to the survey, 63.9% of Americans will have filed their taxes by the end of February, meaning that many tax returns have already been received or are on the way. An additional 21.1% will file in March and 15.0% will wait until the last minute and file in April.
Phil Rist, Executive Vice President, Strategic Initiatives, BIGresearch, notes that "Many Americans have spent the last few years paying down debt with their tax refunds, but... others are looking to the future... by putting their ‘free money' in a savings account... "
For more information from the NRF and BIGresearch, please visit here.