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According to the National Retail Federation’s annual Tax Returns Survey, 47 percent of Americans "expecting a refund plan to put the money into savings, the highest percentage in the survey’s history. Nearly two-thirds (65.7%) of those surveyed are expecting a refund."

According to the survey, "Consumers have a plan for how they will use their refunds: 39.1 percent will pay down debt and 25.1 percent plan to use it for daily expenses. While 13 percent say they will splurge on a vacation, 10.5 percent plan to spend on a major purchase like a television or car.

"Young adults are making wise decisions for their future as 54.9 percent plan to put refunds into savings. But not all young adults are headed to the bank – 32.2 percent will spend on everyday expenses and 15.4 percent will make a major purchase. More than half of Americans ages 25-34 (53.2%) plan to tuck away their refunds in savings or use their refunds to pay down debt (47.6%)."
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