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This is one of the most important years for tax refunds. With tapped savings, increased debt and approximately 20 million people on some form of unemployment assistance, an increasing number of Americans are having difficulty paying for everyday expenses. Tax refunds and claims on missed stimulus checks may be a necessity. According to a 2020 survey, 68% of Americans expecting a tax refund believe that their financial well-being will depend on them. Last year, 50% of Americans planned to put their tax refunds in savings, 34% to pay down debt, and 24% towards everyday expenses. However, this was before the pandemic hit.
The world has changed and it's more important than ever for employers to support their employees with financial guidance. As a result of the pandemic, employers have started to recognize the impact of financial stress on their bottom line – employees are less productive and more likely to seek new employment and delay retirement. Now, more so than ever before, employers will see a return on a financial wellness investment.
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