While a number of consumers are still looking to use their tax refunds for retail purchases, many will be saving their money for future purposes, a new report from the National Retail Federation and BIGinsight suggests.

Nearly half of Americans (43.8 percent) expecting refunds will save some of their money, which is an increase from the 42.1 percent who said the same last year. As the NRF notes, this is the highest number of Americans looking to conserve their refunds in the nine years the survey has been given. Approximately two-thirds (66.2 percent) of taxpayers are anticipating a refund this year.

"After a rocky few years, consumers are now more vigilant about how they spend their money and the importance of preparing for future financial stability," said NRF president and CEO Matthew Shay. "Increased consumer savings proves extremely beneficial to shoppers and businesses in the long run, allowing future opportunities to invest in a large household item or even take advantage of a well-deserved family vacation."

That isn't to say all Americans are saving their money – 12.3 percent said they will use their refunds for a big purchase, such as a television. Retailers hoping to capture some extra sales may want to consider launching a tax refund promotional event.

This entry was posted by Retail Pro on Friday, February 24th, 2012 at 10:15 am .