How America Plans To Use Its Tax Refunds

By Jeff Smith

There's no question that filing taxes stresses people out and that a large number of people depend on getting a tax refund to manage their personal finances.

In a study we commissioned with OnePoll, we found that almost half the respondents said they'd rather lose an hour of sleep every night for a month than filing taxes.

For those getting a refund, a large minority of respondents (44%) plan to use their tax refunds to pay off their credit cards.

“If you’re anticipating a large refund this year, be sure to have a plan in place for how to use that money," said James Garvey, CEO of Self. "Give every dollar a job, whether it’s towards debt or savings or even a little to enjoy yourself.”

About the same number of people said that not getting a refund would derail their budget for the year.

About a third of people are filing early so they can get their refund as soon as possible to pay off bills from the holidays.

For more survey results, please see the illustration below or download the Self Tax Refund Reliance Survey Results January 2020 here.

Self tax refund survey 2020 tiny

About the Author

Jeff Smith is VP of marketing for Self.

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Written on January 13, 2020
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Disclaimer: Self is not providing financial advice. The content presented does not reflect the view of the Issuing Banks and is presented for general education and informational purposes only. Please consult with a qualified professional for financial advice.

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