Most people dread tax time, knowing that they’re going to have to shell out some money to the government, there are some people out there who can’t wait for it because it means they’ll be getting a nice refund.
It seems most people plan to be sensible with the money, according to a new Bankrate.com survey, 34% of folks plan to save or invest their refund, while 29% will use it on necessities and 27% will use it to pay down their debts. The truth is, only 6% of folks admit they’ll use it for some sort of splurge.
Overall, 47% of folks say they expect a refund, which is down from 49% last year. Millennials are most likely to be the ones expecting a refunds (66%), followed by Gen Xers (49%), Baby Boomers (34%) and the Silent Generation (26%).
- Meanwhile, about 25% of people have already filled out their tax returns for the year, with two out of three either already receiving their refund, or expecting one in the coming weeks. Of course there will always be procrastinators, with 29% of people waiting until April 1st or later. Not surprising, less than half of these procrastinators expect to get a refund this year.