Tax Refunds Likely to Bolster Savings, Not Spending, in 2026
Event summary
- 42% of Americans would struggle to cover a $1,000 unexpected tax bill.
- 39% plan to save their tax refunds, while only 11% intend to spend them.
- 32% of taxpayers distrust AI for tax-related advice.
- 47% of respondents plan to file taxes close to the deadline.
The big picture
Trustpilot's survey highlights a shift in consumer priorities, with Americans favoring savings and debt repayment over discretionary spending. This trend could dampen seasonal retail boosts typically driven by tax refunds. The data also underscores ongoing skepticism toward AI in high-stakes financial decisions, suggesting a slower-than-expected integration of AI tools in tax preparation.
What we're watching
- Consumer Spending
- How cautious consumer behavior will impact retail and service sectors.
- AI Adoption
- Whether distrust in AI for tax advice will slow broader financial tech adoption.
- Tax Filing Trends
- The pace at which last-minute tax filings may strain IRS resources.
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