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Of those greatly impacted by tax changes, about half will delay major purchases such as a car or television, and 43.4 percent plan to contribute more to savings.
Even people who say the recent paycheck decreases will have little to no impact, expect to alter their spending habits. According to the survey, 22.4 percent in this group claim they will spend less overall, and 15.8 percent will use coupons more often. Another 11.1 percent plan to reduce their entertainment plans.
Tax season is here and many people are expecting refunds, but the majority of those polled will use the funds to build up savings or pay down debt. Nearly 66 percent of consumers expect a refund from Uncle Sam this year, but 44 percent will place it into savings, and 37.2 percent will use it on debt payments. In short, consumers are still trying to repair their own balance sheets, but the current financial environment is making it extremely difficult.
“Americans are extremely mindful of how they spend their hard-earned money these days, and that includes any refund they may get back from their taxes,” said BIGinsight Consumer Insights Director Pam Goodfellow, in a press statement. “Thanks to years of practice stemming from high gas and food prices, and an uncertain economy, families will adjust to the changes in their take-home pay by purchasing generic brands, searching for coupons, downgrading on services like cable and internet and re-evaluating their overall spending habits.”
Here’s how the 3 major stock indices closed out the trading week:
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