Thrive Pulse: 60% of our users plan to pay off debt with their 2019 tax refund

Madeline Cameron

Contributing Writer at Thrive Savings

Nearly half of all Canadians are spending all or most of their paycheques each month, going further and further into the debt trap. With it being tax season, a time of year that so many people dread, we decided to conduct a study with 100 users of the Thrive Savings app to learn more about where their money goes

We asked our users: What are you planning to do with your 2019 tax refund?

To our surprise, these were the results:
  • 60% of our users plan to pay off their credit card debt
  • 25% of our users plan to save their tax refund
  • 15% of our users plan to make an immediate purchase with their tax refund

This highlights just how prominent of an issue debt is among Canadians and reinforces the need for guidance when it comes to helping Canadians save their money and achieve financial wellness. With Thrive Savings, we’ll help you break out of the paycheck to paycheck cycle, take control of your debt, and master your savings. Download our app from the App Store or Google Play Store today and see for yourself.

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