An overwhelming majority of investors surveyed by online brokerage firm TD Ameritrade say they will save or invest their 2013 tax refunds, a move that indicates major improvement in personal finances.
"People are feeling less saddled with debt than they used to be," said Lule Demmissie, managing director of retirement guidance for TD Ameritrade. "The trend toward saving or investing shows investors are feeling better about their situation."
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In the survey, which included 1,000 investment account holders across the country, 45 percent said they would save their tax refund, and 24 percent said they would invest it. Just 21 percent said they would use the money to pay down debt.
Several age groups were represented, ranging from the so-called lost generation (those born between 1900 and 1945) to Generation Z (born between 1990 and 1995). Household income levels for respondents ranged from under $50,000 a year to $250,000 and above.