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Many Americans plan to use tax refund to pay off debt

The survey also asked consumers whether they prefer to "live for today" or "plan for tomorrow," and found that those who adopt the former approach were more likely to use their refund to pay off debt, spend it on everyday living expenses or vacation than those who had the latter...

By Lisa Barron | Updated on March 04, 2014

Forty-four percent of Americans who expect to receive a tax refund this year plan to use it to pay down credit card or other debt, while just nine percent will put it into a retirement plan, according to a new consumer survey by LIMRA Secure Retirement Institute.

“It is good to see so many Americans are considering the impact holding debt has on their overall financial security and are taking steps to diminish the debt they are carrying” said Cecilia Shiner, assistance research director, LIMRA SRI research.  “But more than one and a half times as many Americans said they would use their tax refunds for vacations and three times as many said they would use it for everyday expenses, rather than increasing their retirement savings.”

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