Younger Americans use tax refunds as a financial reset rather than a bonus
Nearly 45% of Gen Z and Millennials are using tax refunds to pay bills or reduce debt. This shift in allocation is a result of a recent data set from Beyond Finance and Operation HOPE. 77% of this group uses 'Buy Now, Pay Later' tools, and refunds are being used to pay those balances down. Paying down these balances reduces the total interest paid over time and lowers monthly payments. This frees up cash in the budget immediately.
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