35% of Consumers Plan to Use Tax Refunds to Boost Savings

Tax season officially began on Jan. 26, and refunds are already starting to reach consumers’ accounts this month. While the arrival of refunds is annual, the expectations surrounding them remain grounded, shaped less by intent to splurge than by routine financial planning and household budgeting.

New findings from PYMNTS Intelligence suggest that most consumers approach tax refunds with a clear sense of purpose. Rather than treating refunds as discretionary income, households across the...