A recent survey reveals a shift in how Americans are using tax refunds, with a significant majority now allocating them towards essential needs. Conducted by TaxSlayer and Talker Research, it found that 64% of taxpayers either have spent or plan to spend their refunds on necessity items such as rent and groceries. The average refund amount this year has risen to over $2,300, prompting a notable increase in those who consider these funds critical for their financial planning. Many perceive their larger refunds as a result of increased income, while some grapple with smaller refunds due to job losses or relocation.
"Four in five who have already spent their refunds spent it on essentials; top spends include bills like rent (58%), groceries (48%), paying down credit card debt (29%) and home repairs (13%)."
"Six in 10 (61%) said their refunds are an important part of their budgeting plans for 2025; an increase from 52% who felt the same about the role refunds played in their 2024 budgeting."
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