How did you spend that refund?

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Posted: Friday, April 11, 2014 12:00 am

You have just a few days left to file your taxes, but if you were expecting a refund, you've probably filed already.

More than three in five tax filers, or 62 percent, expect to receive a tax refund from Uncle Sam this year, according to a survey conducted in February by RetailMeNot.com, an online coupon website and The Omnibus Co.

Nearly 75 percent of tax filers in the 18 to 34 age group expect to get a tax refund this year compared to 55 percent age 35 and older. Two-thirds of married couples expect a refund versus 57 percent of singles; 72 percent of tax filers with children expect a refund compared to 57 percent without children.

Once its received, will they save it or spend it? About 42 percent of refund recipients say this year they plan to sock their refund dollars into savings or investments.

The remainder, about 58 percent, plan to spend their refund, the report said.

Here’s the breakdown:

* 21 percent plan to spend it on food

* 19 percent plan to use it for luxuries, such as travel

* 18 percent said they’ll purchase clothing, shoes or accessories

* 18 percent plan to spend it on electronics

* 11 percent said they’ll use it for home furnishings

* 9 percent said they’ll put it toward a major purchase, such as a down payment on a home.

The RetailMeNot-Omnibus survey was conducted between Feb. 14 - 21, among 1,023 U.S. residents age 18 and up. Chances are 95 percent that the survey result does not vary, plus or minus, by more than 3.1 percentage points.

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