More Workers to Save Tax Refunds This Year

A CareerBuilder survey found 46% of respondents said they plan to use their tax refunds to pay off bills, down from 56% last year, and more than one-third (36%) report they will use their tax refund to augment their savings accounts, up from 34% who said the same last year. In addition, 79% of workers said they haven’t reduced their 401(k) accounts or personal savings in the last year.  

CareerBuilder said workers may feel a little more fiscally secure because fewer are living paycheck to paycheck. While more than six-in-ten (61%) survey respondents said they currently live paycheck to paycheck, this is down from 77% who said the same in a study conducted between May 18 and June 3, 2010.   

Of those respondents who plan to spend the money, the most common uses will be: 

• Make home improvements
• Go on vacation
• Pay back money they owe to people
• Invest it
• Buy a car
• Pay for a wedding
• Donate to charity
• Schedule doctor visits
• Pay down mortgage
• Buy a new computer
• Pay for college