Getting a tax refund? What will you do with the money?
04/12/2013 12:23 PM
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?
Manilla.com, 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.