Benefits March 26, 2009

Americans Not Plugging Tax Refunds Back into Economy

March 26, 2009 (PLANSPONSOR.com) - The lion's share of Americans in a recent poll won't be spending their tax refund for 2008.

Reported by

Fred Schneyer

An ING DIRECT news release said 71% plan to save the money, invest it or apply it to their debt.

For more stories like this, sign up for the PLANSPONSOR NEWSDash daily newsletter. 

According to ING, 51% of respondents expecting a refund for 2008 will use it to cover basic household expenses, including 65% who are under the age of 35. One in four Americans expecting a federal tax refund plan to save their refund and one in three (39%) will pay off debt with their refund this year.

For Americans who owe taxes this year, 43% stated that they will dip into savings to pay Uncle Sam.

The national online survey was conducted within the United States by Harris Interactive on behalf of ING DIRECT between March 17-19, 2009 among 2,115 adults age 18 or older.