March, 2026. A new nationally representative survey of 2,000 U.S. consumers reveals that 74% of Americans expect to receive a tax refund in 2026, with most planning to use the funds to strengthen their financial position amid continued economic pressure.
Debt Repayment Tops Financial Priorities
Among respondents planning to use their refund to address debt (n=512), credit card debt dominates, with 67% intending to pay it down, far exceeding other categories. Additional planned uses include:
- 22% for auto loans
- 20% for repaying family or friends
- 16% for extra mortgage payments
- 15% for student loans
- 12% for Buy Now, Pay Later (BNPL) balances
- 3% for other debts
Younger consumers display distinct repayment behaviors:
- Ages 18–24 are more likely to repay family or friends (26%) and BNPL balances (18%)
- Ages 25–34 show the highest intent to repay informal loans (33%)
- BNPL repayment declines significantly with age, dropping to 5% among ages 45–54 and 4% among ages 55–64
Refunds Seen as “Forced Savings”
The survey also highlights a widespread preference for receiving refunds as lump sums rather than adjusting tax withholdings.
- 45% prefer receiving a larger refund, effectively treating it as “forced savings”
- 32% say it depends on the refund size
- Only 14% regularly adjust their W-4
Saving Behaviors Reveal Generational Divide
While traditional financial tools remain dominant, younger consumers show a stronger inclination toward cash savings:
- 23% of 18–24-year-olds plan to keep their refund in cash, compared to the overall average of 16%
- This preference declines steadily with age: 20% (25–34), 19% (35–44), 8% (45–54), and 6% (55–64)
Overall saving preferences include:
- 42% using traditional savings accounts
- 40% using checking accounts
- 17% using digital savings platforms
This trend suggests varying levels of trust in financial institutions, particularly among Gen Z and younger Millennials.
Investment Trends Skew Toward Digital Platform
Among those planning to invest their refund (n=160), traditional investment vehicles remain the most common, but digital and higher-risk options are gaining traction:
- 66% plan to invest in stocks, bonds, or funds
- 41% in cryptocurrency platforms or wallets
- 39% in trading apps (e.g., Robinhood, Webull)
- 31% in micro-investing apps (e.g., Acorns, Stash)
- 20% in robo-advisors (e.g., Betterment, Wealthfront)
Interest in digital investment tools peaks among ages 25–44:
- Cryptocurrency adoption reaches 49–51% in this group
- Trading app usage ranges from 47–51%
- Adoption drops significantly among older respondents, falling to 10–20% or lower
Spending Reflects Ongoing Financial Pressure
Overall spending patterns reinforce a cautious financial mindset. Many Americans are prioritizing stability over discretionary spending, with a clear emphasis on debt reduction and essential expenses.
Additionally, 20% plan to use their refund to repay loans from family or friends, rising to 27% among younger respondents, highlighting the role of informal lending networks.
Expectations Around Refund Size
When asked about expected refund amounts:
- 28% expect it to be about the same as last year
- 21% slightly larger
- 8% much larger
- 9% slightly smaller
- 8% much smaller
- 26% do not expect a refund
Key Takeaway
“These results paint a picture of financially cautious consumers prioritizing debt relief—especially high-interest credit cards—while younger generations demonstrate unique behaviors: higher reliance on cash savings, informal debt networks, BNPL management, and digital/crypto investments,” said Joyce Adams. “The data suggests evolving attitudes toward money management, trust in institutions, and risk appetite that brands, lenders, and fintech providers should closely monitor as tax season unfolds.”
The survey was conducted via Attest’s consumer research platform among a nationally representative sample of 2,000 U.S. consumers aged 18–67. It explores attitudes and planned behaviors related to 2026 tax refunds across key demographic groups.
Full dashboard access and additional cross-tabulations are available at: https://dashboards.askattest.com (Tax Refund Attitudes and Behaviors Survey).
