STORES ‘TAXED’ OUT $$ not for shopping

Now we’re frugal. Just when US retailers could use a jolt of adrenaline, more Americans than ever plan to bank their tax refunds or pay down debt — and not shop for everyday items, according to a new survey.

Just 20.9 percent of Americans said they plan to use their tax return money for everyday expenses — down from 29.7 percent in 2013, the National Retail Federation survey said.

At the same time, 48 percent of respondents said they expect to plow their windfall into savings.

That’s down just slightly from 49.2 percent in 2013.

“Financial security continues to be top-of-mind for all Americans, and consumers are hanging on to their tax refunds tighter than ever,” NRF Chief Executive Matthew Shay said.

A record low of 8.7 percent of respondents said they tap their tax refund by splurging on a major purchase such as a television, furniture or car. That’s down from 13.6 percent in 2013.

Over the last six months, the S&P Retail Select Industry Index has fallen 3.4 percent as stores battle slowing traffic and competition from e-tailers. The overall S&P 500 index is up 8.3 percent over the same span.

“The desire and intention to save is certainly there, much more so than a decade ago,” said Bankrate.com Chief Financial Analyst Greg McBride. “But it takes a windfall — like the annual tax refund — to make that happen. The tax refund is the only saving many people will do all year long.”

Bankrate.com found that the percentage of Americans with more credit card debt than emergency savings has grown to 24 percent, up from 22 percent over the past year — perhaps giving insight into why so many are looking to bank their 2017 IRS tax refund checks.