Eighty percent of Americans expecting a tax refund this year plan to save 25 percent or more, according to a new SunTrust Banks, Inc. (NYSE: STI) survey. Other plans for tax refunds include paying down debt (35 percent), travel/entertainment (22 percent), retail purchases (18 percent) and home improvement (13 percent).
“This may be the year consumers give themselves breathing room by building up their short-term savings,” said Brian Nelson Ford, financial well-being executive at SunTrust. “We know from previous research that about half of Americans don’t have $2,000 on hand to cover an emergency. It’s a great time to break that statistic, reduce the stress of living paycheck-to-paycheck and build financial confidence.”
According to IRS data, Americans qualifying for refunds received an average of $2,763 last year, an increase of roughly two percent over the previous year. To best manage a cash windfall, SunTrust suggests the following:
Schedule Summary: President Joe Biden will deliver remarks at the White House Correspondents' Dinner on Saturday evening.…
Many of us have been watching the images of the protests on the Columbia, Yale,…
A parental rights organization filed civil-rights complaints against two school districts in Colorado on Friday,…
President Joe Biden received the lowest 13th-quarter approval ratings in modern history heading into an…