Nearly half (47%) of Americans expecting a tax refund plan to put the money into savings, according to a recent report from the National Retail Federation.
The report was based a survey of 6,186 Americans conducted in February 2015. Additional data came from from Neustar's PlatformOne, which includes anonymized transaction information from 220 million US adults.
Two-thirds of respondents say they are expecting a refund this year.
Of those Americans who plan to spend their refund rather than save it, 39% say they will pay down debt, 25% will use the money for daily expenses, 13% will splurge on a vacation, and 11% plan to make a major purchase on something like a television or car.
Some 64% of respondents plan to file their taxes online.
Millennials are the age group most likely to use H&R Block's web offering as well as the online version of Turbo Tax to prepare their taxes, whereas Generation Xers are the age group most likely to use an accountant.
About the research: The report was based a survey of 6,186 Americans conducted in February 2015. It was also based on separate data from Neustar's PlatformOne, which includes anonymized transaction information from 220M US adults.
