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What People Are Spending Their Tax Refund On

It’s Tax Day! If you haven’t already filed your taxes, make sure you do so today! Most post offices will be open later than usual so¬†you can get your taxes mailed in on time before midnight…

Those making up the highest percentage of getting a cash back are millennials at 66%, behind Generation X at 49%, baby boomers at 34% and the Silent Generation at 26%.

According to a recent survey, here’s what people are likely to be spending their tax refund on:

  • 27% will pay off debt (loans, credit cards, etc.)
  • 25% will put in savings
  • 9% will put toward a vacation
  • 5% will make a major purchase (car, home, etc.)
  • 4% will splurge on a purchase (TV, shoes, etc.)

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