Screen Shot 2016-03-01 at 1.41.59 PMAccording to the latest survey conducted by leading personal finance website, three out of four Americans expecting a tax refund this year plan to save the money or use it to pay off debt.

“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:

  • Only one in five Americans plans to spend tax refund money.
  • Older respondents are twice as likely to not expect a tax refund as their younger counterparts.
  • Respondents ages 18 to 24 are over twice as likely as baby boomers to splurge or make a major purchase with their refunds.
  • Of those expecting a tax refund, women selected “pay off debt” 20 percent more frequently than men did.

For more insights on the survey findings, visit:  Elyssa Kirkham, the lead GOBankingRates finance reporter on the study.  

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