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Tax Refunds April 20, 2015

Posted by forwardfinancialplanning1 in Retirement Savings.
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The 22nd quarterly Allstate/National Journal Heartland Monitor poll of 1000 adults recently uncovered some data that tells us a great deal about human behavior and one’s attitude about “financial windfalls”.   Respondents who said they have poor credit scores are more likely than those with excellent credit scores (46% to 33%) to agree that a tax refund should be used for a “fun purchase”. Likewise, this same group would rather buy something for themselves or a loved one than pay off debt (51% vs 20%).  Finally, 39% of the low credit score group consider a tax refund check as a bonus to be used to buy something for themselves as opposed to paying off debt.

One has to wonder if it is this same approach to personal finance that has led to four in ten baby boomers reportedly not having saved anything for retirement?

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