Nearly One in Four Americans Regrets How They Spent Their Tax Refund

Rhea-AI Summary

PensionBee (PBNYF) survey of 1,000 U.S. adults finds 23% regret how they spent their 2025 tax refund, with 57% wishing they had saved or invested more. The survey highlights gaps between intentions and actions: emergency savings (planned 13% vs actual 6%) and retirement (planned 9% vs actual 6%).

Everyday expenses absorbed more refunds than planned (35% used vs 29% planned). Gen Z shows higher regret and lower confidence than Baby Boomers.

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PensionBee survey finds a persistent gap between what people plan to do with their refund and what they actually do

NEW YORK, April 22, 2026 (GLOBE NEWSWIRE) -- Nearly one in four Americans (23%) has regrets about how they spent last year’s tax refund, according to findings from PensionBee, a leading online retirement provider.

The findings come from a nationally representative survey of 1,000 U.S. adults examining the gap between how Americans used their 2025 tax refunds and how they plan to use their refunds in 2026.

Among those with regrets, more than half (57%) wish they had saved or invested more. Nearly 10% of all respondents hope to allocate their refund differently this year.

The gap between intentions and reality

The survey reveals a consistent pattern: short-term financial pressure pushes long-term priorities aside. The disparity is sharpest for savings and retirement.

• 13% of Americans plan to build an emergency fund with their 2026 refund, nearly double the amount (6%) who followed through last year.
• 9% plan to funnel their refund into their retirement savings, but only 6% have historically done so.

Meanwhile, everyday expenses were the one category where spending notably outpaced intentions: 35% of Americans used their last refund to cover day-to-day costs, compared to the 29% who said that was their plan. Consumer prices have risen 24.3% since January 2021 and 2.4% over the last year, a sustained trend that threatens to claim an even greater share of Americans’ 2026 tax refunds before they can be put to long-term use.

“Competing financial priorities often shift our focus to the present moment,” said Romi Savova, Founder and CEO of PensionBee. “It can be worth setting concrete plans that are realistic enough to account for immediate curveballs while still ensuring long-term goals remain in view.”

Some long-term uses can come with added benefits. Contributions to a Traditional IRA made before the April filing deadline can reduce taxable income for the prior year, potentially leading to a larger tax refund.

Younger generations are more likely to have second thoughts

Regret is not evenly distributed across age groups. Gen Z is three times more likely than Baby Boomers to want to allocate this year's refund differently than last. 68% of Baby Boomers said they were confident in how they used their refund, compared to just 47% of Gen Z and 48% of Millennials.

"2026 refunds are expected to be among the highest in years," added Savova. "For those who can set even a portion aside, the long-term payoff is real, and the regret of not doing so tends to arrive sooner than people expect."

Discretionary spending held steadiest. The share planning to invest in a brokerage account (5%) was matched exactly by those who followed through, while the same number of people (15%) who planned to treat themselves this year reported spending on lifestyle last year.

The share who planned to pay down debt with their refund also held steady: 26% planned to pay down debt while 28% actually did.

About PensionBee

PensionBee (LON:PBEE; OTCQX:PBNYF) is a leading retirement savings provider, helping people easily consolidate, manage, and take control of their retirement savings. The company manages nearly $10 billion in assets and serves over 300,000 customers globally, with a focus on simplicity, transparency, and accessibility. PensionBee offers Traditional, Roth, SEP, and Safe Harbor IRAs with ETF-backed portfolios that include SPY and MDY from State Street Investment Management, one of the world’s largest asset managers. PensionBee is publicly traded on the London Stock Exchange (PBEE) with U.S. shares available on OTCQX (PBNYF).

Notes

The information provided in this announcement, including any projections for investment returns and future performance, is for informational and educational purposes only and should not be considered investment advice. Past performance is not indicative of future results. All investments carry risk, including the potential loss of principal. PensionBee is not liable for any losses or damages arising from the use of this information. Projections and forecasts are based on assumptions and current market conditions, which are subject to change.

Disclosure

Participation Details: The survey data was gathered between April 13th and April 15th, 2026, and sent out by PensionBee to a total of 1,000 Americans over the age of 18. All respondents received a tax refund in the 2025 tax year. The sample was provided by Attest, a research panel company. The margin of error for total respondents is +/- 3.1 percentage points at the 95% confidence level.‍

Voluntary Participation: Participation in the survey was voluntary. Respondents were free to decline participation or skip any questions they chose not to answer. Participants were not required to be PensionBee clients to participate and did not receive compensation for participation.

Investing involves risk.

The information and data set out above, including any projections for investment returns and future performance, is provided solely for informational and educational purposes and should not be relied upon for making financial decisions. Nothing presented here constitutes tax, legal, financial or investment advice. This information does not take into account the specific financial, legal or tax situation, objectives, risk tolerance, or investment needs of any individual investor. All information provided is compiled from publicly available data and research at the time of posting or PensionBee privately commissioned research obtained through third party survey providers. Images, figures, and projections used are derived from the data described, are provided for informational and marketing purposes only and do not represent actual customer returns. Projections and forecasts are based on assumptions and current market conditions, which are subject to change. This information, and any associated customer testimonial or third party endorsement, does not constitute an offer, solicitation, or recommendation to buy or sell any securities or investments. Your investment is at risk. Past performance is no guarantee of future results. PensionBee is not liable for any losses or damages arising from the use of this information.

media contact: Press_US@pensionbee.com

^{PensionBee Inc. is registered with the Securities and Exchange Commission as an investment adviser.
We do not provide in-person advice. PensionBee Inc (Delaware Registration Number SR20241105406 ) is located on 85 Broad Street, New York, New York, 10004.}

FAQ

What percentage of Americans regretted their 2025 tax refund spending, according to PensionBee (PBNYF)?

About 23% of Americans regretted their 2025 refund spending. According to the company, 57% of those regretters said they wish they had saved or invested more instead of spending.

How did planned vs actual emergency fund contributions compare in PensionBee's PBNYF survey?

Planned emergency fund builds were 13%, but only 6% actually followed through. According to the company, short-term pressures largely explain why intentions to save fell short last year.

What did PensionBee find about retirement contributions using tax refunds (PBNYF)?

Only 6% historically used refunds for retirement, while 9% plan to this year. According to the company, retirement funding remains lower than intentions, showing a persistent intention–action gap.

Which age groups showed the most regret in the PensionBee (PBNYF) refund survey?

Gen Z reported the highest regret and was three times likelier than Baby Boomers to want to reallocate refunds. According to the company, Baby Boomers expressed the most confidence in their refund decisions.

Did PensionBee (PBNYF) report refunds being spent on everyday expenses more than planned?

Yes—35% used refunds for day-to-day costs versus 29% who planned to. According to the company, rising consumer prices and immediate financial needs drove more refunds into everyday spending.