Continue in 2 seconds

Taxpayers get looser with their paychecks

Published
  • April 11 2012, 11:19am EDT

Taxpayers are getting looser with their paychecks this year, according to a recent survey. This year, 20% of respondents to a survey by John Hancock Financial Services say they’re more likely to spend extra pay they get from lower payroll taxes, up from 12% last year.

But taxpayers who will get a refund say they’re still likely to save it. Nearly half (49%) of those who will get a refund say they plan to place the refund in a savings account, while 25% will use the refund to pay down debt. Only 20% say they plan to spend their refund, not far off the 22% who said they planned to spend their refund last year. Another 18% will put the refund toward their retirement plan outside of work.

Register or login for access to this item and much more

All Employee Benefit Adviser content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access

Comments