How Americans Will Spend Their Tax Refund

tax refund

American Morning News interviewed Kay Bell from explaining a survey they with 1,003 adults and how they will spend their tax refund. USA Today posted the survey and here is how it broke down:

34% say they’ll use it to pay down debt

33% say they’ll save or invest the money

26% say they spend the extra cash on necessities such as food and utility bills

3% want to use it to live it up and go on vacation or a shopping spree

Here is another snapshot of Americans thinking on income taxes/tax refunds that would make Dave Ramsey shake his head at:

Some people view having extra money withheld from their paychecks for income tax as a way to save, says tax analyst Kay Bell. But she advises against it because “the bank of Uncle Sam” pays no interest.

The rest of the article is here and has some more good stats obtained by the survey.


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