It turns out that the old saying "Older is wiser" is true when it comes to tax refunds, as well. The older you are, the more likely you are to be smarter with your tax refund. According to the Lexington Law study, men and women between the ages of 18 and 34 (44 percent) and 35 and 44 (38 percent) are more likely to spend their tax refund on something nonessential.
Given that information, it's no surprise that someone's age is also correlated to reporting a better credit score. As your age increases, the chance of reporting an excellent credit score increases, too. When comparing those in the age groups of 18–34 and 45-plus, the older generation was 67 percent more likely to report an excellent credit score compared to 53 percent of those younger than 35.
Sadly, looking at the trends of these spend-happy people, those with poor credit scores are some of the worst offenders. Lexington Law claims that those with low credit scores are more likely to consider a tax refund as a bonus check that should be used to buy themselves something rather than to pay off a debt (39 percent vs. 22 percent).