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 CareerBuilder.com 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.