- Station Info
- Featured on 4
Monday, February 17, 2014 - 9:18am
CNN — 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.