H&R Block Study Shares How Americans Use Their Tax Refunds: Majority Use It to Get Caught Up On Finances
February 28 2022 - 5:18PM
Receiving an annual tax refund is a significant financial event for
most Americans. But when it comes to determining what to do when
the refund comes, many consumers say they are conflicted, according
to a study from H&R Block (NYSE: HRB)1. The survey shows that
while 73% of those who struggle financially intend to save some or
all of their tax refund, only 44% do, with many citing unexpected
expenses as the top reason they are unable to save their refund.
“We know that most Americans use their tax refunds to pay for
everyday expenses and bills, including millions of customers we
work with every year to file their taxes accurately and on time,”
said Les Whiting, chief financial services officer of H&R
Block. “We understand how important of a financial event the tax
refund is to our customers. That’s why it’s critical we help our
customers get every dollar they deserve.”
Get your tax refund up to five days early with
SpruceH&R Block’s new mobile banking platform Spruce
can offer Americans the opportunity to get their federal tax refund
up to five days sooner when they elect to have their refund
deposited directly into their Spruce spending account.2
According to the H&R Block study, almost 65% of Americans
admit they should pay closer attention to their spending. Building
an emergency fund is the top purpose when consumers save their tax
refund (37%), but 29% of those surveyed didn’t have a specific
purpose in mind. And that’s where Spruce can help.
“We believe we can help consumers be more intentional and
therefore more successful in how they spend or save their tax
refund in order to meet their financial goals,” said Whiting.”
Spruce helps consumers create an emergency fund as the opportunity
to set money aside for specific goals so that they purposefully use
their tax refund to meet their financial goals.”
Spruce helps consumers be good with money through spending,
savings, and planning features, including a spending account with a
debit card and a connected savings account. For more information on
Spruce, visit sprucemoney.com.
About H&R BlockH&R Block, Inc. (NYSE:
HRB) provides help and inspires confidence in its clients and
communities everywhere through global tax preparation
services, financial products, and small-business
solutions. The company blends digital innovation with human
expertise and care as it helps people get the best outcome at tax
time and also be better with money using its mobile banking
app, Spruce. Through Block Advisors and Wave,
the company helps small-business owners thrive with innovative
products like Wave Money, a small-business banking and bookkeeping
solution, and the only business bank account to manage bookkeeping
automatically. For more information, visit H&R Block
News or follow @HRBlockNews on Twitter.
About MetaBank®MetaBank®, N.A., a national
bank, is a subsidiary of Meta Financial Group, Inc.® (Nasdaq:
CASH), a South Dakota-based financial holding company. MetaBank
strives to remove barriers to financial access and promote economic
mobility by working with third parties to provide responsible,
secure, high-quality financial products that contribute to the
social and economic benefit of communities at the core of the real
economy. MetaBank works to increase financial availability, choice,
and opportunity for all. Additional information can be found by
visiting www.metafinancialgroup.com.
Legal Disclaimers:
1 Research conducted by H&R Block and Qualitrics Surveys,
2,000+ adults ages 18+, Fielded Sept. 15-21, 2021.
2 Early access to federal refunds depends on the timing of the
IRS’s submission of the payment. These funds are generally made
available to you the day the payment instruction is received, which
in the case of federal tax refunds may be up to 5 days earlier than
the scheduled payment date. Early access requires deposit of
federal refund directly into your Spruce Spending Account and is
not available if you choose a Refund Transfer or other account to
first receive your refund. Not available for state refunds. This
program may be changed or discontinued at any time.
Spruce is a financial technology platform built by H&R
Block, which is not a bank. SpruceSM Spending and Savings Accounts
are established at, and the Spruce debit card is issued by,
MetaBank®, N.A., Member FDIC, pursuant to license by Mastercard®
International Incorporated. Mastercard and the circles design are
registered trademarks of Mastercard International Incorporated.
For Further Information
Investor Relations: |
Michaella Gallina, (816) 854-5022,
michaella.gallina@hrblock.com |
|
Jordyn Eskijian, (816)
854-5674, jordyn.eskijian@hrblock.com |
|
|
Media Relations: |
Angela Davied, (816) 854-5798,
angela.davied@hrblock.com |
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