With the national savings rate hovering at just below one percent, tax
time presents a unique opportunity for Americans to jumpstart their
savings. This month alone an estimated $140 billion in refunds will
reach about 45 million people’s pockets. However, according to the American
Tax & Financial Center at TurboTax, only 25 percent of taxpayers
plan to put at least a portion of their tax refund toward savings.
An estimated 40 percent of working
households do not have enough money saved to meet the majority of
their expenses for a single month. And many families are only one
unexpected car repair, illness or job loss away from exhausting any
savings they may have. In fact, approximately 39 percent of people feel
that having a savings to deal with unexpected expenses or emergencies is
one of their most important financial goals, according to Intuit
TurboTax, the nation’s leading tax preparation software from Intuit Inc.
“Setting aside a small amount of money allows people to manage
unexpected events, opens up opportunities for education and helps
families build future financial security,” said Bernie McKay, executive
director of the American Tax & Financial Center at TurboTax. “We
recommend that families put at least 30 percent of their tax refund into
According to research from Intuit TurboTax, 55 percent of Americans are
concerned that they won’t have enough money to retire. Tax refunds
present these individuals with an opportunity to help meet their
A simple option for taxpayers is to use a portion of their tax refund to
buy U.S. Savings Bonds.
A U.S. Savings Bond is one of the safest investments available to
Americans and has many tax advantages.
Sold in denominations of as little as $50, Series I bonds, available for
purchase through TurboTax, are accessible to every taxpayer who receives
at least a $50 federal tax refund. Taxpayers can use a portion of their
tax refund to buy bonds and have the remainder deposited into a bank
account or pre-paid debit card.
About The American Tax & Financial Center at TurboTax
Established in November 2012, The American Tax & Financial Center at
TurboTax provides objective and independent data and insights on tax and
personal finance trends. The Tax Center is now available to provide
taxpayers, policymakers and media with resources and expert commentary
on the impact of taxes on U.S. consumers.
The center’s primary goal is to help Americans in understanding
financial matters so they can make informed financial decisions. The
center educates and advocates for individuals by helping them take
ownership of their financial future. For more information, visit The
American Tax & Financial Center at TurboTax at www.americantaxandfinancialcenter.com.
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fiscal year 2012. The company has approximately 8,500 employees with
major offices in the United States,Canada,
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other locations. More information can be found at www.intuit.com.
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