The IRS reported a 2% drop in the average tax refund last year. 95.7 million refunds were issued which was a small increase from the year prior. More people are using their returns for necessities than frivolous items.
Millennials and low-Gen Xers, ages 25 to 44, are actually the least likely to spend refunds luxury items than things they need in a recent survey.
Millennials are more likely to use the money to pay off debt than the general public. In addition to credit card debt, student loan debt is one of the most common forms of debt in the United States. It’s no wonder they focus on being debt-free.
Big ticket items aren’t at the top of the shopping list for the majority of millennials. What is at the top are everyday items that make life more convenient.Housing, household items, groceries, and transportation are at the top of the priority list for millennials.
Millennials came of age during the Great Recession, so they are focused on investing. Millennials between age 25 to 34 are more likely to invest their refunds than any other age groups. They’re also more likely to stash more money in retirement savings account.
Millennials love to explore. So, it makes sense that vacationing finds its’ way on this list.
Millennials are opting less for Social media-worthy purchases, but they still will find their way to shop Amazon Prime before the end of the summer.
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