Receiving an annual tax refund is a significant financial event for most Americans. But when it comes to figuring out what to do when the refund arrives, many consumers say they’re conflicted, H&R Block research finds1.
Survey shows that while 73% of those in financial difficulty intend to save some or all of their tax refund, only 44% do so, and many cite unforeseen expenses as the main reason for which they cannot save their reimbursement.
“We know that most Americans use their tax refunds to pay for day-to-day expenses and bills, including the millions of clients we work with each year to file their taxes accurately and on time,” said Les Whiting. , Chief Financial Officer of H&R Block. “We understand the importance of a financial event that the reimbursement of the tax represents for our customers. That’s why it’s essential that we help our customers get every dollar they deserve.
Get your tax refund up to five days sooner with Spruce
H&R Block’s new mobile banking platform Spruce can offer Americans the ability to get their federal tax refund up to five days sooner when they choose to have their refund deposited directly into their Spruce spending account.2
According to the H&R Block study, nearly 65% of Americans agree they should be more careful with their spending. Building an emergency fund is the top goal when consumers are saving their tax refund (37%), but 29% of respondents didn’t have a specific goal in mind. And that’s where Spruce can help.
“We believe we can help consumers be more intentional and therefore more successful in how they spend or save their tax refund in order to achieve their financial goals,” Whiting said. Spruce helps consumers create an emergency fund as an opportunity to set aside money for specific goals so they purposefully use their tax refund to achieve their financial goals.
Spruce helps consumers manage their money with spending, saving, and planning features, including a spending account with a debit card and a connected savings account. For more information on spruce, visit sprucemoney.com.
About H&R Block
H&R Block, Inc. (NYSE: HRB) provides help and inspires confidence in its customers and communities around the world through tax preparation services, financial productsand small business solutions. The company combines digital innovation with human expertise and care as it helps people get the best outcome at tax time and better manage their money through its mobile banking app, Spruce. By Block Advisors and Wave, the company helps small business owners thrive with innovative products like Wave Money, a banking and accounting solution for small businesses, and the only business bank account to automatically manage accounting. For more information, visit H&R Block News or follow @HRBlockNews on Twitter.
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1 Research conducted by H&R Block and Qualitrics Surveys, 2,000+ adults ages 18+, live September 15-21, 2021.
2 Early access to federal refunds depends on when the IRS submits the payment. These funds are generally available to you on the day the payment instruction is received, which in the case of federal tax refunds can be up to 5 days earlier than the scheduled payment date. Early access requires the federal refund to be deposited directly into your Spruce spending account and is not available if you choose a refund transfer or another account to receive your refund first. Not available for state refunds. This program may be modified or discontinued at any time.
Spruce is a financial technology platform built by H&R Block, which is not a bank. SpruceSM Spending and savings accounts are established and the Spruce debit card is issued by MetaBank®NA, Member FDIC, under license from Mastercard® International Incorporated. Mastercard and the circle design are registered trademarks of Mastercard International Incorporated.