Survey: Majority of Americans to Save Tax Refunds, Pay Off Debt - KTVN Channel 2 - Reno Tahoe News Weather, Video -

Survey: Majority of Americans to Save Tax Refunds, Pay Off Debt

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Will you use your refund check to go on vacation or a shopping spree or pay down your credit card bills? Most of us are actually opting for something else.

A survey done by TD Ameritrade shows that overwhelmingly Americans plan to save their tax refunds this year.

Here's the breakdown:

47% plan to save their refund and 44% will pay off debt.

28% of respondents also said they want to use their refund to purchase necessities while 15% plan to buy non-essential items another 15% plan to invest their refund.

And 6% say they want to donate their refund to charity.

And there's good news coming from the younger generation - millennials age 25 to 37 - are being smart and more likely to save. The survey says 67%, or two-thirds say they will save or invest.

Nearly half of Americans said they expect to receive a refund. The average refund last year was $2,744.

And most people seem eager to get their taxes done. The majority of Americans - 62% - say they will file their taxes before the deadline.

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