What Do Americans Spend Their Tax Return On?

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2 months ago

Getting your tax return is always a great feeling because you always have a little extra money for splurging, if that’s what you choose to do. I usually put the money towards future bills and expenses, but not all Americans are like that. Here’s the number one thing citizens do with their tax refund money.

According to GOBankingRates, the average American tax return has climbed to around $3,000. They decided to survey 5,000 people from around the country to gather their data on what this money went to. The results were pretty shocking.

36 percent of people interviewed said that they don’t plan on receiving a tax refund this year. That brought the number of people interviewed who answered the question “What do you plan on doing with your tax refund?” down significantly. Of those members remaining, 36 percent went on to say that the money will go to repaying debt, such as student loans.

Nearly 43 percent of respondents wanted that money, like myself, to go directly back into savings so that they have an emergency fund for the near future. And only a sliver of people, 10 percent, said they would use that money for a vacation. So if you feel like you’re doing something wrong by not splurging with tax refund, you’re not alone!

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