A recent study shows that the coronavirus has changed the way people plan on spending their tax refunds.
In a survey of 1000 Americans prior to the coronavirus, the top three percentages and categories of these people planned on spending their tax refund were as follows: 39% to pay off debt, 31% to save it, and 14% to invest it.
After the coronavirus pandemic started, those categories quickly changed.
24% of people wanted to spend their tax return on food or groceries, 24% said they would save it, and 23% of people said they would put it towards mortgage and rent payments.
29% of these people also said the most important thing that would do with their stimulus check was save it.
Matt Zajechowski, Content Strategist, Digital Third Coast said, "They're not so much focused on you know bigger purchases like going on vacation and buying things for their home, it's very focusing on short term needs post coronavirus."
Here is a look at the full study: https://www.ipx1031.com/americas-biggest-tax-procrastinators/