A quarter of young people are using their tax refunds to splurge. A report from Qualtrics found that 26% of tax filers have either used or intend to use their refund to purchase nonessential items, like clothing and accessories (45%), electronics (40%), and shoes (37%). Additionally, the study discovered that nearly one third of Gen Z and Millennials are more inclined to view their tax refund as “free money,” with 28% of young adults having already spent their entire refund. There are some 18-24-year-olds who have mentioned that not getting a significant tax refund could potentially lead to a delay in paying bills, especially as the cost of living continues to increase. (WWD)
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