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Most Americans plan to use their tax refunds to pay down debt or save

By Kelly Anne Smith

Half of respondents are planning to put their refunds into a savings account — an all-time high in the 12-year history of the survey. A similar March 2019 survey from Betterment dovetails the NRF’s findings, with about one-third of respondents reporting that they had the same plan. Meanwhile, 34 percent of those who took the survey said that they planned to pay down debt with the refund money. That’s good news, considering 60 percent of Americans can’t afford to pay for a $1,000 emergency with money from their savings, which often puts them in tight financial positions.

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This article originally published March 13th, 2019 on Bankrate