Poll: Most Americans Plan to Use Tax Refunds to Bolster Savings or Pay Down Debt

By:
Chris Gaetano
Published Date:
Feb 16, 2017
Cash

A recent poll of taxpayers has found that, of those who anticipating getting a tax refund this year, the majority plan to use the windfall to either boost their savings or pay down their debt, with a much smaller proportion saying they'll make a major purchase or splurge on something, according to Fortune. The poll, conducted by personal finance website GOBankingRates.com, has respondents choosing among the following options: 

    * Pay off debt (loans, credit cards, etc.)
    * Splurge on a purchase (TV, shoes, etc.)
    * Put the money toward a vacation
    * Put the money in savings
    * Make a major purchase (car, home, etc.)
    * I do not receive a tax refund
    * None of the above

21 percent didn't anticipate receiving a refund at all, and 32 percent felt that their choices could not fit in with the menu of options presented and so selected "none of the above." Of the remainder, though, the vast majority said they would do things that are typically seen as responsible: 41 percent said they would put the money into savings while 38 percent said they would pay off debts. Coming in at a distant third was "put the money toward a vacation," at 11 percent, with last place tied at 5 percent between "splurge on a purchase" and "make a major purchase." 

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