How Texans are Saving

A recent study of financial behavior indicates Texas savings rates remain low, even as consumers retrench from years of pre-recession spending. Andrew Schneider reports.
The report by the FINRA Investor Education Foundation indicates that only 44% of Texans are saving money. That’s just a shade above the national average of 42%.

Foundation president John Gannon.

“One of the messages we’re trying to get out now is tax time is a terrific time to save, because many Americans — and Texans — will get a tax refund in the not-too-distant future. According to the IRS, the average tax refund is about $3000, and that is a terrific way to start saving. And in fact the IRS makes it very easy to split your refund today and actually set aside some of that refund in U.S. savings bonds.”

A looming government shutdown could hold up the processing of tax returns. The IRS recommends that filers seeking to avoid delays in receiving refunds submit their returns online, allowing refunds to be processed automatically.
Bio photo of Andrew Schneider

Andrew Schneider

Business Reporter

Andrew Schneider joined KUHF in January 2011, after more than a decade as a print reporter for The Kiplinger Letter...