SunTrust: Americans Plan to Boost Savings with Tax Refunds

ATLANTA, March 12, 2018 /PRNewswire/ -- Eighty percent of Americans expecting a tax refund this year plan to save 25 percent or more, according to a new SunTrust Banks, Inc. (NYSE: STI) survey. Other plans for tax refunds include paying down debt (35 percent), travel/entertainment (22 percent), retail purchases (18 percent) and home improvement (13 percent).

"This may be the year consumers give themselves breathing room by building up their short-term savings," said Brian Nelson Ford, financial well-being executive at SunTrust. "We know from previous research that about half of Americans don't have $2,000 on hand to cover an emergency. It's a great time to break that statistic, reduce the stress of living paycheck-to-paycheck and build financial confidence."

According to IRS data, Americans qualifying for refunds received an average of $2,763 last year, an increase of roughly two percent over the previous year. To best manage a cash windfall, SunTrust suggests the following:

SunTrust is leading the onUp Movement across America to help people build financial confidence through healthy money habits. For additional tax savings strategies and inspiration, visit onUp.com/everyday.  

This survey was conducted online within the United States by SunTrust from December 14 – 22, 2017, among 2,500 U.S. adults ages 18 and older. This online survey is not based on a probability sample and therefore no estimate of theoretical sampling error can be calculated.

About SunTrust Banks, Inc.

SunTrust Banks, Inc. (NYSE: STI) is a purpose-driven company dedicated to Lighting the Way to Financial Well-Being for the people, businesses, and communities it serves. Headquartered in Atlanta, the Company has two business segments: Consumer and Wholesale. Its flagship subsidiary, SunTrust Bank, operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states, along with 24-hour digital access. Certain business lines serve consumer, commercial, corporate, and institutional clients nationally. As of December 31, 2017, SunTrust had total assets of $206 billion and total deposits of $161 billion. The Company provides deposit, credit, trust, investment, mortgage, asset management, securities brokerage, and capital market services. SunTrust leads onUp, a national movement inspiring Americans to build financial confidence. Join the movement at onUp.com.

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SOURCE SunTrust Banks, Inc.