What Americans Are Spending Their Tax Refunds On

According to a survey of 2-thousand U.S. taxpayers who’ve already received their refund, the average person got $2,825 back. That’s up from last year’s average of $23-hundred.

• While no one’s complaining about getting more money back, 98% of those who’ve already spent their refund used it for essentials.
• Over two-thirds (71%) of respondents say they’ve already spent their refunds or made plans on how they’ll spend it.
• Half (49%) say they spent their entire refund on necessities, including paying monthly bills (59%), buying groceries (54%) and paying down credit card debt (26%).
• Only 18% used the money for luxuries like new clothes (43%), entertainment (28%) and fine dining (25%).
• Regardless of what they spent it on, 63% say they were happily surprised by their refund this year.
• Those who got more back than last year credit it to working more (35%), adjustments to deductions and withholdings (32%) and pay raises (20%).
• Just 23% report getting a smaller refund than last year, mostly because of losing work (36%), moving to a higher tax bracket (14%) and dependents aging out of eligibility (13%).⠀

Source: Talker