The Center for Financial Services Innovation (CFSI) recently released a survey results for their U.S. Financial Health Pulse, which tracks the overall financial health of America's households. Most Americans, 55%, are "financially coping." They struggle with some financial issues but are doing well in others. Another 28% are "financially healthy," following a financial strategy that makes them resilient and able to handle financial setbacks.
The remaining 17% are "financially vulnerable," struggling with almost every aspect of their finances. Within this group, 87% used their tax refunds to pay bills — suggesting their expenses regularly exceed income. It's not just the financially vulnerable who apply tax refunds to bills. In the financially coping group, 59% paid bills with tax refunds, as did 39% of the financially healthy group.