Motivational prompts to save tax refunds and suggested savings amounts for the tax refund can increase saving among low- and moderate-income households, finds a new experimental study from the Brown School at Washington University in St. Louis.
Tax-time savings programs help low- and moderate-income families save significantly more of their refunds than those who choose not to participate, finds an analysis of such a program called $aveNYC.
The 80 experts attending the event were brought together by a common interest in creating strategies for using the “golden moment” of tax time to help Americans build savings by changing the way consumers make economic decisions.
The U.S. Treasury Department has awarded a $1.08 million research contract to the Center for Social Development at Washington University’s Brown School. One of 11 contracts awarded nationally under the Financial Empowerment Innovation Fund, this award will fund research on myRA accounts (“My Retirement Accounts”).
As the 2014 tax season opens, the Refund to Savings initiative continues with adjustments designed to better understand consumer savings behavior and help more Americans build savings.
As taxpayers make the final push to file before the April 15 deadline, they often have visions of refund checks and plans to spend their windfall. But the question that more and more people are asking is, “How can I make the most of my refund?”
The 2013 tax season has officially launched, and there is a 75-percent chance taxpayers will be eligible for a refund. What would it take to get them to save most, or all, of that money?