Economics
How Are Different Generations and Income Groups Spending Their Refunds?
Report summary
Key Takeaways
- Aside from some generational splurging, most surveyed used refunds for essential financial obligations rather than discretionary spending.
- Older generations predominantly allocated their tax refunds towards savings. Meanwhile, younger generations were more likely to spend their refunds on bills, essential purchases, and even discretionary items like apparel and dining out.
- Millennials were most likely (52%) to expect or receive a tax refund higher than the previous year. In contrast, this share was lowest for Baby Boomers, who generally received smaller refunds, with 31% receiving less than $500.
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About the author
Deni Koenhemsi
Head of Economic Analysis
Deni Koenhemsi leads Economic Analysis at Morning Consult. Previously, she was a senior associate at S&P Global, where she managed a team of economists, forecasted commodity prices and advised Fortune 500 companies on their procurement and planning decisions. She received a bachelor’s degree in international relations from the University of Richmond and a master’s degree in international economics from American University. For speaking opportunities and booking requests, please email [email protected]
