Ameritrades Survey respondents also plan to use their refund to purchase necessities (28%), invest (15%), or to donate their refund to charity (6%). Only 15 percent said they plan to spend their refund on discretionary items.
When it comes to men and women, an interesting shift occurs once they get married, according to the data. Single women are least likely to save their tax refund (37%), while married women are most likely (56%) to save. The opposite is true of men, as 54 percent of single men say they will save their tax refund money and only 41 percent of married men say they’ll save it.
The survey also uncovered a difference in priorities between the generations. Younger generations have possibly learned a thing or two from the financial crises they have witnessed, as nearly two-thirds (58%) of Generation Y intend to save their income tax refund, compared to just 36 percent of Generation X and 40 percent of Baby Boomers who say the same.
These findings are very telling. For a consumer based economy like the United States, I hope we see a shift to more savings and retirement security. And, it also shows that sales are not the only indicator for company productivity. It is possible we will see a savings toward costs for profit numbers in 2013, too. This could be very good news for efficiency and team development consultants who help clients improve their working environment and culture.
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Dianne Crampton is the Founder of TIGERS Success Series. She is the leader in building successful quality-focused and cooperative team culture communities. As a thought leader in the team culture movement, she has been published by Barrett Koehler, Pfeiffer (an in print of John Wiley & Sons) and Three Creeks. Her latest work, TIGERS Among Us: Winning Business Team Cultures and Why They Thrive has received international acclaim. Nominated by Merrill Lynch for Inc. Magazine’s Entrepreneur of the Year Awards for a team culture change system that helps leaders bring about desired team culture change remarkably fast, she certifies and licenses consultants, facilitators, and HR leader to use the proven TIGERS team culture system within their organization with measurable success. TIGERS helps leaders build and improve trust, interdependence, genuineness, empathy, risk, and success in teams which results in a dynamic work environment that attracts and retains very talented, quality-focused people. Learn how to avoid the three big mistakes team building consultants make that results in becoming under paid in this complimentary live Webinar.