Mature couple walking their dog on grassy hill holding hands. Concept of retirement.

What Do Americans Do with Their Tax Refunds?

March 31, 2026

More than 100 million taxpayers — representing about 63% of individual returns — received refunds in 2025, with an average refund amount of$3,167. Here’s how they planned to spend their refunds.

31% Save

21% Pay down debt

21% Everyday expenses/necessities

10% Invest

9% Splurge

7% Home improvement

3% Major purchase (care, home, etc.)

Sources: Internal Revenue Service, January 2, 2026; Experian, April 16, 2025

Disclaimers:

Providence Wealth Advisors, LLC (“PWA”) is a wholly owned affiliate of Providence Bank & Trust (“PB&T”). The investment products and services offered by PWA are independent of the products and services offered by PB&T and are not FDIC insured, may lose value, are not bank guaranteed and are not insured by any federal or state government agency. Investment products and services are offered by appropriately licensed investment advisor representatives, subject to the general oversight and authority of PWA.

To the extent that any client or prospective client utilizes any economic calculator or similar interactive device contained within or linked to the firm website, the client and/or prospective client acknowledges and understands that the information resulting from the use of any such calculator/device is not, and should not be construed in any manner whatsoever, as the receipt of, or a substitute for, personalized individual advice from the firm or from any other investment professional.

Valuing Your Trust

If you’re not already a valued client of Providence Wealth Advisors, we encourage you to learn more. To schedule a no cost, no obligation conversation, contact us to learn more at your convenience.