Most plan to be responsible with tax refund

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refund plans

Three out of every four people who expect income tax refunds this year say they will save the money or use it to pay off some debt.

Those were the results of a survey conducted by personal finance website Using a Google Consumer Survey, asked 5,000 respondents, "What do you plan on doing with your tax refund?" The response breakdown is as follows:

The answer choices were displayed randomly and respondents were limited to one response each. The percentages above and all further survey analysis excludes the 34.8 percent of respondents who chose "none of the above."

"Tax refunds are income that falls outside of Americans' typical paychecks, so even though it's earned and well-deserved, there is definitely a temptation to view it as 'free money' that can be splurged or even wasted," said Elyssa Kirkham, the lead GOBankingRates finance reporter on the study.  

"It's really encouraging to see, however, that most people are planning to use a tax refund to better their financial situation by saving or paying off debt," she said. "Using a tax refund this way will buy the taxpayer more financial security and peace of mind, instead of a one-off splurge that soon loses its value or is forgotten."

Additional Findings:

For more insights on the survey findings, visit: 

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