6:44 am March 23, 2011, by Henry Unger
What are you going to do with your tax refund?
Forty-two percent of those surveyed said they will save at least part of their refund, which is expected to average about $3,000, writes Palm Beach Post reporter Laura Green.
And of those who are spending, the biggest segments plan to pay off debt (41.9 percent) or cover everyday expenses (29.7 percent), Green reports, citing a study by the National Retail Federation.
“The bad news is the recession has greatly affected people,” MassMutual financial adviser Alfred Hovis told Green. “The good news is it’s woken up a lot of folks to understanding that they have to be more self-reliant.”
Financial advisers are starting to believe that the trend of the past few years, when more Americans plowed refunds into a retirement or an emergency account, could signal a more lasting shift, Green writes.
Are they right or wrong? What do you plan to do and why?
- Henry Unger, The Biz Beat
For instant updates, follow me on Twitter.
Get inside Atlanta's and national business news and how it affects you.
Vacation stops, manage subscriptions and more