Americans More Likely To Spend Tax Refund on Necessities

1. Are "responsible tax refunds" on the rise? A new survey shows taxpayers are more likely to spend their refunds on rent, groceries and other necessities, rather than luxuries. The poll of 2,000 U.S. taxpayers found nearly two in three (64%) have either already spent their tax refund money or are planning to soon. And all agree their refunds will be spent on necessary purchases. Is your tax refund being spent on necessities?

2. The study revealed that participants received more than $2,300 on average in their refunds this year — higher than the average $1,700 that was predicted when the first study on this topic was conducted in December 2024. Did you receive a higher tax refund than expected?