Almost four in ten Millennials will be saving their tax refund for a rainy day this year.

Almost four in ten Millennials will be saving their tax refund for a rainy day this year. The insight comes from a new Bankrate survey which found Millennials to be the most likely age group to be saving or investing their tax refund this year, followed by 33% of Boomers and 23% of Gen Xers. According to Erin Lowry, author of Broke Millennial: Stop Scraping by and Get Your Financial Life Together, Millennials will most likely be using the refunds towards their “encumbering” financial debt, like student loan payments, credit card debt, or rent. (NBC News)