Doing your taxes is an annual chore that most of us really don’t look forward to, but for some lucky folks, it comes with a silver lining - a refund. More than three-quarters (79%) of U.S. taxpayers think they’ll get some sort of a refund this year, according to a new survey. It finds the average person hopes to get around $17-hundred back this year.
The poll of 2-thousand U.S. taxpayers finds that one in three plan out how they’ll use their tax refund half a year before they get it. More than half (52%) say that refund is an important part of their budgeting plans. So, what’s everyone doing with that money?
- For 77%, they’ll spend it on necessities, including bills like rent (52%), groceries and essentials (44%) and credit card debt (37%).
- More than half (56%) of those paying down credit card debt are targeting their holiday season spending.
- Nearly a quarter (22%) of those surveyed plan to put their refund in their savings account, while 20% will use it for home repairs and improvements.
- But 8% are planning to splurge on luxuries with their refund, buying things like new clothes (37%), entertainment (28%) and new phones (26%), while a quarter of them will buy gifts for people close to them and 23% will spend it on a night on the town.
- Compared to last year, 22% of respondents think they’ll get more money back this year, while 26% expect to get less and 51% believe it’ll be about the same amount.
- While there’s still plenty of time to file before Tax Day on April 15th, 43% of respondents are planning to file early this year.
- Over half (55%) are motivated by getting their refund back earlier, and 43% just want to avoid the stress of waiting until the last minute to file.
Source: SWNS Digital