Taxpayers getting a spring windfall from Uncle Sam still managed to have a few bucks left in the bank by fall, according to JPMorgan Chase Institute.
Whether people are investing their tax refunds or using them to pay bills, one thing is clear: They're stretching their cash through the remainder of the year.
"There is also a 'glass half-empty' perspective," she said."The refund gives them a boost for the first half to three-quarters of the year, but not the whole year."Families receiving a refund took home an average check of $3,602, according to JPMorgan's analysis. The median refund was $2,601. Finally, consumers also spent their money on durable goods, including home appliances and furniture. Average spending on these items doubles during the week after taxpayers get their refunds, the study found.By the time six months have passed since the refund's arrival, average checking account balances are still up by $404, while an average $608 has been transferred to other accounts, JPMorgan found.
"For families, withholding is a great savings tool in many ways," said Amar Hamoudi, a senior consumer researcher at JPMorgan."You set it, forget it and reduce the risk that you'll end up with a payment at the end of the year because you didn't pay enough taxes."
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