A National Retail Federation’s (NRF) 2006 Tax Returns Consumer Intentions and Actions Survey, conducted by BIGresearch showed a wonderful sign of change, where 43.8 percent of young adults will be spending their tax refunds on savings rather than on debt. As per Phil Rist, vice president of strategy for BIGresearch:
Whether they are building up their finances or saving for a rainy day, this year the 18-24 year-olds are choosing to allocate the extra money from their tax refunds to their savings. As a result we are seeing fewer young adults use their tax refunds to pay off a portion of their debt.
Well, they might not be having any debt at all and it is a good thing that they are saving it as an emergency fund or for fulfilling their educational needs...and what good they are saving from the hard earned tax refunds.
