These are What Americans Plan on Doing with Their Tax Returns
It's that time of year again where you have to start gathering your tax forms and filing them so you can hopefully get back a nice chunk of change. Yup, it's getting closer and closer to Tax Season!
What do you usually do with the money you get back? A survey of 5,000 people, conducted by financial website, GOBankingRates, found that most Americans are
wise boring when it comes to their tax returns. The majority of people plan on saving their money or paying off their debt.
When asking the question "What do you plan on doing with your tax refund?" this is what Americans had to say:
- 27% pay off debt
- 25% put in savings
- 9% put towards a vacation
- 5% make a major purchase (car, home)
- 4% splurge on a purchase (TV, shoes, shopping spree, etc)
- 30% don't receive a refund
This means that 18% of people are planning on at least doing something fun with their money. And to no surprise, the younger age group are the ones who plan on splurging as opposed to older taxpayers.
I put all my tax money in the bank last year. Dammit, does that mean I'm old?!
How did you spend your tax refund in the past or what do you plan on doing with it this year?