Other uses for the refund include major purchases (9%), vacation (8%), new clothing and accessories (6%), and electronics (5%).
Not all are spendthrifts, however. Some plan to save at least part of the money (27%), pay down debt (17%), and/or invest their refunds (5%).
Most interesting tidbit for financial advisors: Almost seven in 10 Americans (69%) do not calculate their tax refund or tax payment into their annual budget.
“Most people are not factoring their annual return into their overall financial plan and long-term objectives,”
The survey results are based on 1,025 telephone interviews with U.S. resident adults. The interviews were conducted from
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