Getting a tax refund? What will you do with the money?

04/12/2013 11:43 AM

05/20/2014 10:42 AM

Most taxpayers will be getting refunds this year averaging more than $2,800.

But the big question: What are you going to do with the money?, an online personal finance site, asked just that to its customers. Here are the findings:

• 42 percent of the respondents plan to use their refund to pay bills, especially credit cards. Twenty-three percent plan to sock the money into savings. Another 11 percent will spend the money on a vacation or other big-ticket item, while 24 percent aren’t expecting money back from Uncle Sam.

• Twice as many women than men (14 percent versus 7 percent) are planning to use their tax refund for a big purchase.

• Younger people ages 18-23 are more likely to save the money this year, while 24-to-34-year-olds and parents in the 35-50 age group are looking to pay down bills with their refund.

The Star


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