Monday’s List: What do most Americans choose to spend their tax refund on?

Local News

You have a little over a month to file those taxes. Americans receive on average $3,000 from their refund, providing a nice financial boost.   But are people putting it to good use?  In The Morning News list, research by gobankingrates.com, shows the top things Americans will be spending their tax returns on.

Here are the stats:

3% of people plan to splurge on a luxury purchase

7% of the population will contribute to a retirement savings account or spend it on a vacation

9%  plan to make a major purchase, contribute to a non-retirement savings account or invest it

27% plan to pay off debt. Researchers suggest that this is one of the best things to spend your refund on. You should focus on first paying off high-interest debt, such as credit card debt.

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