This year, almost half of Americans intend to keep their tax refunds.

As Tax Day nears, many filers can expect a refund.

Numerous taxpayers are intending to accumulate any refunds they obtain in order to increase their personal assets.

A LendingTree survey of over 1,000 taxpayers found that 46% plan to save their refunds, which is higher than the previous two years, with 41% in 2021 and 40% in 2020.

Over 81 million Americans have filed their 2021 tax returns before the deadline, and the IRS has distributed over $188 billion in refunds by March 25. The average individual refund this year is $3,263, which is approximately 12% higher than last year.

A tax refund is a significant financial boost for many individuals and plays a vital role in their annual budget.

According to the survey, Americans are not only saving their refunds but also using them to pay off debt and increase their family budgets.

Matt Schulz, LendingTree's chief credit analyst, stated that it is beneficial to see people utilizing refunds or intending to use them primarily for saving and paying off debt, as expenses are increasing daily and debt will continue to rise with the Federal Reserve's rate increases.

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Younger workers, women, and those with lower incomes were more likely to use their refunds for saving, paying down debt, or covering necessary expenses, according to the data.

"Savings are crucial, as the pandemic has taught us, emphasized Schulz. Many people have realized this lesson, as they have learned that unexpected events can occur at any time and their severity is unpredictable."

A survey found that more than 60% of Generation Z respondents, aged 18 to 25, plan to save their refund cash, compared to 47% of millennials and 41% of boomers. Additionally, Gen Z members were more likely to invest their refunds, according to the survey.

If prices continue to rise, consumers plan to cut back on more. Inflation concerns prompt Americans to reevaluate their financial decisions. Navigating car purchases amid low inventory and high prices requires careful planning.

Men were less likely than women to use a refund to pay down existing debt.

Women often face more financial challenges than men, as they tend to earn less, be single parents, and take time off to care for family members, said Schulz.

Last year, one-third of those earning less than $35,000 said they would use their refund to cover necessities such as rent and groceries.

""As inflation and interest rates increase, I believe the number will also rise, which is challenging for those affected," stated Schulz."

Some survey respondents indicated that they planned to use their refund to treat themselves to a desired purchase or take a vacation.

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