Nearly Half Plan to Save Tax Refunds

Among them, 47% plan to save their refund money, and 44% plan to pay off debt, according to a survey released by TD Ameritrade Inc. 

Survey respondents also plan to use their refund to purchase necessities (28%), invest (15%) or to donate their refund to charity (6%). Only 15% said they plan to spend their refund on discretionary items.   

Single women are least likely to save their tax refund (37%), while married women are most likely (56%) to save. The opposite is true of men, as 54% of single men say they will save their tax refund money and only 41% of married men say they will save it.   

The survey also uncovered a difference in priorities between the generations. Nearly two-thirds (58%) of Generation Y intend to save their income tax refund, compared to 36% of Generation X and 40% of Baby Boomers.