More Workers to Save Tax Refunds This Year

April 12, 2011 ( - Fewer workers plan to use their tax refunds to pay off bills and more plan to put the money into savings this year than last.

A new 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 be feeling 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.   

According to a press release, other respondents said they will use their refunds for the following:  

  • 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, and 
  • Pay for college. 


The survey was conducted online within the U.S. by Harris Interactive on behalf of among 3,910 U.S. workers (employed full-time; not self-employed; non government); ages 18 and over between November 15 and December 2, 2010.