This tax season, Americans are receiving larger tax refunds, with the average refund amounting to $3,400, reflecting an 11% increase from last year, according to the US Treasury Department. As of April 14, the Internal Revenue Service (IRS) reported issuing around 70 million tax refunds, up from 68 million in the previous year. A recent survey by Experian revealed that 33% of respondents plan to save their refunds, marking a two percentage point increase from last year. Additionally, 20% intend to use their refunds to pay off debt, while 17% will allocate funds for necessities. Only 6% are considering splurging, indicating a cautious approach to spending. Financial experts suggest using tax refunds to pay off high-interest credit card debt, boost emergency savings, or contribute towards student loans and down payments on homes, emphasizing the importance of financial preparedness in uncertain economic times.