What will you be spending your tax return on this year?

MGN Online
Monday, February 17, 2014 - 9:18am

It's that time of year when many of us are busy getting our W-2's and taxes ready, and for some that means a refund, but what should you do with the money?

Will you use your refund check to go on vacation or a shopping spree or pay down your credit card bills?  Most of us are actually opting for something else.

A survey done by TD Ameritrade showed that overwhelmingly Americans plan to save their tax refunds this year.

Here's the breakdown:
61% will save or invest
21% will pay off debt
18% will spend on necessities
19% will make non-essential purchases

There's good news coming from the younger generation. Millennials age 25 to 37 and are being smart and more likely to save. The survey says 67%, or two-thirds say they will save or invest.

Nearly half of Americans said they expect to receive a refund.  The average refund last year was $2,744. 

Most people seem eager to get their taxes done. The majority of Americans, 62% say they will file their taxes before the deadline.


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