With the due date for filing your taxes fast approaching, lots of Americans will soon be getting infusions of cash in the form of tax refunds. But according to a new study, they won’t be using the money for anything particularly exciting.
Around one third of Americans will use their refund to pay down a debt, while another third will either save or invest the money, according to USA Today citing a survey from Bankroll.com. Another quarter will use it for everyday needs like food or rent.
Only around 3% of people surveyed say they’ll be using their tax refund for a splurge like shopping or going on vacation.
The average tax refund is about $3,000, USA Today reports. While the money may seem like a boost, it’s really just cash the government owes you back.
April 15, 2015 is the deadline to file personal taxes for the year 2014 or ask the Internal Revenue Service for an extension.
