One-Third of Americans Plan to Use Tax Refund for a Vacation
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Tetra Images/Getty Images(NEW YORK) — Are you receiving a tax refund this year? If so, have you already spent it?
Seventy-eight percent of Americans are expecting money back on their taxes this year. The IRS says the average refund is $2,815.
A new survey conducted by Travelzoo Inc., a global Internet media company, reveals that one-third of Americans plan to spend this year’s tax refund on a vacation. Many Americans divide their refund dollars between a vacation and their savings accounts.
Here are the top uses for tax refunds from Uncle Sam:
- 33 percent plan to spend their refund on a vacation
- 32 percent plan to put their refund into savings
- 31 percent plan to pay off debt
- 2 percent plan to purchase a home
- 1 percent plan to go on a clothing shopping spree
- 1 percent plan to spend it on gifts for their children
The Travelzoo survey involved 5,811 adults.
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