The average American tax refund is higher. Here’s how you can use it to build long-term wealth

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If one cannot tolerate volatility, they might want to consider doing something else with the money like paying down debt,” Doyle says.

A survey from TaxSlayer finds that over three-quarters of Americans plan to use their refund for necessities, like rent, groceries, and credit card debt.

After establishing an emergency fund, a tax refund can also be used to make substantial progress toward paying off debt like credit card balances or car loans.

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Article Details

Author / Journalist: Preston Fore

Category: EconomyBusiness

Markets: United States

Topics: Money Personal Finance Wealth Taxes

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-03-21 @ 09:05:00 (3 days ago)

News Timezone: GMT +8:00

News Source URL: fortune.com

Language: English

Article Length: 963 words

Reading Time: 6 minutes read

Sentences: 5 lines

Sentence Length: 193 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Fortune

News ID: 27211058

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Official Website: fortune.com

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