Some people might use their refund check to take a vacation or take a shopping spree. Others might work to pay down credit card debt. But it turns out most of us are opting for something else this year.
In a study done by TD Ameritrade, it shows that overwhelmingly, Americans plan to save their tax refunds this year.
Here's the breakdown:
- 61 percent of us will save or invest our refund.
- 21 percent will pay off debt with the extra money.
- 18 percent will spend that on necessities.
- And 19 percent will make non-essential purchases.
Now there's good news coming from the younger generation as well, millennials, age 25 to 37, are being smart and more likely to save. The survey says 67 percent, or two-thirds of millennials say they will save or invest that money.
And nearly half of Americans said they expect to receive a refund this year. The average refund last year was 2,744 dollars.
And most people seem eager to get their taxes done. This survey also found that 62 percent of us will get our taxes done well before the April deadline.
Copyright 2014 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.