8.8% of Consumers Plan to Spend Tax Refunds on Home Improvement

A record low number of Americans will spend their tax returns this year while the second-highest number on record will put the money into savings, according to the annual tax return survey released by the National Retail Federation (NRF) and Prosper Insights & Analytics.

“Financial security continues to be top-of-mind for all Americans, and consumers are hanging on to their tax refunds tighter than ever,” said Matthew Shay, NRF president and CEO. “Consumers are leveraging their tax returns to build up their savings, but that’s good news in the long run because money saved today is money that can be spent down the road, particularly during the back-to-school and holiday seasons later this year.”