Survey Shows: Top 8 Ways That Americans Plan to Utilize 2024 Tax Refunds

Sunday, 7 April 2024, 22:30

Discover the crucial financial insights from a recent Trustpilot survey on how Americans anticipate using their tax refunds in 2024. From essential expenses to discretionary spending, see the impact these refunds have on households. Explore the top financial decisions Americans are considering based on the size of their tax refunds and how it influences their personal finance choices.

https://store.livarava.com/5d3e8543-f52f-11ee-897a-87cc5c87fb08.png — Survey Shows: Top 8 Ways That Americans Plan to Utilize 2024 Tax Refunds

Top 8 Ways Americans Plan to Use Tax Refunds in 2024

How do you plan to use your tax refund? Many Americans use tax refunds as a financial lifeline. See why Americans are hoping for big tax refunds.

Average Tax Refund for 2024

According to IRS data, as of March 29, 2024, the average tax refund for 2024 was $3,050.

Americans' Financial Decisions

The Trustpilot survey found that tax refunds greatly impact Americans' financial decisions, with 13% of respondents stating that nothing would be affected by their tax refund outcome.

Top Personal Finance Impacts

Groceries and household items (35%)
Travel/vacations (31%)
Dining out (31%)
Delaying other bill payments (credit cards, loans, etc.) (26%)
Gas and transportation (25%)
Streaming services & subscriptions (18%)
Putting off medical/healthcare appointments (15%)
Daycare/child care (7%)

Bottom Line

Getting a big tax refund can feel like a windfall, but many rely on this cash for everyday expenses. If you don't need it immediately, consider saving a portion. Remember, you can seek help from the IRS if you're struggling to pay.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.