FLA. — It’s tax refund season and Florida residents are expecting thousands of dollars coming their way.
A new report from LendingTree found Florida residents receive an average refund of $5,934, the 2nd highest in the country.
Nationwide, the average refund stands at $4,381, the highest average in the past five years, according to the report.
“Things are tough. And these windfalls that you get can really help if you use them wisely. Which is what most people do,” said Matt Schulz, Chief Consumer Finance Analyst with LendingTree.
The report found 42% of tax filers are relying on their refund.
Most residents say they plan to either pay down debt (34%) or put the money in their savings (32%).
Schulz expects refunds to keep growing in the coming years.
“You don’t want these refunds to get too big. Because that’s your money and you should be letting that money work for you and not the government,” said Schulz.
