How Americans Plan To Spend Their 2016 Tax Returns, Holly Signorelli Explains

Americans this year will get back around 330-billion in tax refunds this year. Around 66 percent of individual taxpayers will get a refund check in 2016 and according to an annual survey released by the National Retail Federation on Thursday, More than half of that amount will be stored in savings accounts while 35 percent will be used to pay back debts, the highest percentage since 2007. The survey also found that about 22 percent will spend the money on everyday expenses while 11 percent plan to book a vacation. The study also found that 57 percent of millennials stated that they plan to save their refunds, a percentage much larger than older groups while another survey by NerdWallet found that 41 percent of millennials polled saved or invested their refunds last year and that 54 percent plan to do so this year.  Holly Signorelli joined Charly Butcher on “Fort Wayne’s Morning News” this morning to discuss.

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