How Americans Will Spend Their Tax Refund

January 6, 2014 / Automotive, Web /
Money Roll - Strong Automotive

Interesting to see how a survey says that Americans are going to spend their tax refund money. Much to my surprise, as well as the authors, that only 7% are intending to splurge on something like a vacation or a new car. This means the amount of people who are using their refunds to pay down dept has increased.

How Americans will spend their tax refund

By Sheyna Steiner • Bankrate.com

Highlights

  • 54 percent expect to get a tax refund; 24 percent say they owe money.
  • Only 7 percent plan to splurge on something fun, like a vacation.
  • Of those who owe money to Uncle Sam, only 6 percent plan to borrow.

Recession-weary taxpayers awaiting a tax refund check from Uncle Sam will not indulge in unbridled consumer spending this year. Instead, 84 percent of Americans receiving refunds intend to pay down debt, save or invest their windfall or use it for everyday necessities, according to a new Bankrate.com poll.

Only 7 percent plan to fritter the money away on a shopping spree or vacation.

On the other hand, 40 percent of those who believe they owe taxes say they are not prepared to pay up. Nevertheless, only 6 percent plan to borrow money, though 17 percent say they intend to set up an installment plan with the IRS.

A whopping six in 10 people (63 percent) will pay their taxes with funds straight from their bank accounts.

Read the full article here:

bankrate.com

 


About the author

John Paul Strong: For someone who spends an average of 135 days outside of the office meeting with clients, John Paul Strong remains the driving force behind his Birmingham-based advertising agency, Strong Automotive Merchandising. Strong began his career as an account executive at Martin Advertising. Learning much, but never satisfied, he convinced his father to partner with him in reopening their own advertising agency in 2004, catering exclusively to the automotive industry. The company started strong but humble. The original roster of 10 employees and eight clients has exploded today, growing to 100 full-time employees and more than 220 automotive dealers. And it hasn’t gone without notice. Along the way, Strong Automotive Merchandising has been recognized as a perennial winner in Birmingham’s Best Places to Work contest and as a Top 20 Agency among Google’s National Ad Partners. Yet, Strong still finds time to share what he’s learned along the way. As an avid writer, he has published two books in the Next Day Traffic series, along with more than 1,000 automotive-focused blog posts. He is also a member of the Texas Auto Writers Association, and his success has been recognized in the Birmingham Business Journal’s 2013 “Top 40 Under 40.” In 2018, Strong was named CEO of the Year by the BBJ. The foundation for Strong’s career began at the University of Montevallo where he earned a bachelor’s degree in communication studies and advanced public speaking. Always staying ahead of the competition, Strong later went on to study in Harvard Business School’s Executive Education Program. Amid all of his endeavors, Strong always makes time for what matters most – his family. He is a proud husband to Amy, and father to Lilly Grace, Anne Charlotte, Hudson, and Ford.