We won’t be spending that refund

Saving, spending and the right thing to do. That’s a continuing theme here at MinnEcon. We’re being told constantly, it seems, how it’s our duty to spend to help the economy. Now comes more evidence that the nation is not in a spending mood.

A recent survey by ING shows 7 of 10 people who expect to get a tax refund this year say they’ll be saving it, not spending it.

Of course, the survey comes from ING, which has been marketing itself as the place to put your savings. But the results do match up with what we’re hearing from folks in our Public Insight Network. They don’t want to spend. They want to pay off debt and save.

In normal economic circumstances, we’d be applauding this. But the idea of people saving their cash suddenly has economic leaders wringing their hands.

Are you in spending or saving mode these days? What will you do with that refund? You can help us at MPR News report on the economy by taking your own economic pulse.

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