NEW YORK (4/16/13)--Believe it or not, young adults are more likely to save their tax refunds than people in other age groups. A recent survey by Manilla.com, an account management service, found that 46% of respondents ages 18 to 23 plan to save their refund this year, versus 25% of older respondents. Older respondents were more likely to use refunds to pay off credit card debt or to pay other bills (Manilla.com April 5).
Anyone getting a refund should use the opportunity to improve their financial fitness, encourages Michelle Dosher, managing editor in the Credit Union National Association's business and consumer publishing department. Dosher says consider these options:
Tax preparation time forces consumers to get organized. For ideas about purging and organizing paperwork, listen to the Home & Family Finance Radio segment, "Spring Clean Your Records," in the Home & Family Finance Resource Center.