To uncover just exactly how Americans are intending to use their tax refund this year, GOBankingRates surveyed citizens in all 50 states, revealing insights across age, gender and income levels.
Of those who expect to receive a refund, 79 percent plan to put it into savings or use it to pay off debt, up four percent from last year’s survey results.
For full details on the survey results, visit: https://www.gobankingrates.com/personal-finance/thing-americans-tax-refund/
Here is how Americans are spending their tax return:*
- Put the money in savings — 41%
- Pay off debt — 38%
- Put the money toward a vacation — 11%
- Splurge on a purchase — 5%
- Make a major purchase — 5%
* The numbers above reflect percentages after removing those who answered “I do not receive a tax refund” and “none of the above.”
- Young millennials aged 18 to 24 are actually the most likely to put their refund toward savings, with 54 percent selecting this answer choice
- Twenty-five percent of millennials don’t expect to receive a refund this year, compared to nearly two-thirds of those aged 55 and over
- Seven percent of men chose “make a major purchase,” compared to only three percent of women
- Sixty-seven percent of those making $150,000 and above plan to spend their refund on a major splurge or vacation, compared to only 15 percent making between $25,000 and $49,999
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