{"id":10719,"date":"2022-04-01T07:36:26","date_gmt":"2022-04-01T14:36:26","guid":{"rendered":"https:\/\/tegnacorpstage.wpengine.com\/advertise\/?p=10719"},"modified":"2022-04-01T07:36:26","modified_gmt":"2022-04-01T14:36:26","slug":"tax-time-where-are-americans-spending-their-refunds","status":"publish","type":"post","link":"https:\/\/www.tegna.com\/advertise\/tax-time-where-are-americans-spending-their-refunds\/","title":{"rendered":"Tax Time: Where Are Americans Spending Their Refunds?\u00a0\u00a0"},"content":{"rendered":"

April 18th is Tax Day, also known as the last day to submit individual income tax returns to Uncle Sam. Of the 167.6M returns processed in 2021, more than one-third of consumers waited until the last minute to file their taxes. Some (22%) think it\u2019s too stressful, but others (10%) are just simply in no rush. \u200b<\/span>\u00a0<\/span><\/p>\n

With so many refund checks soon hitting millions of bank accounts across the country, many brands are wondering how consumers will spend their refund checks. Looking back at 2020, many Americans have second thoughts on their decisions, with one in five regretting how they spend the refunds. Almost half (46%) believe that they should\u2019ve saved, and 40% said they wish they spent their refunds on necessary expenses. \u200b<\/span>\u00a0<\/span><\/p>\n

This year, we can expect something similar, as 39% of consumers plan to spend their tax refunds responsibly for things like paying off debt (39%), saving (31%), or investing (14%). Additionally, 27% will be spending their refunds on food and groceries. \u200b<\/span>\u00a0<\/span><\/p>\n

However, some Americans will still spend on frivolous expenses. According to Go Banking Rates:<\/span>\u00a0<\/span><\/p>\n