Tax Refunds Survey: Most Will Use Extra Money to Pay Bills

Americans’ 2013 tax returns aren’t officially due until mid-April, but many have already submitted them and started getting their refunds. In the past, a fair amount of people used to use their tax refunds as additional spending or “fun” money. But economic conditions may be changing those habits. How many expect to receive refunds this year? And do they plan to spend or save the cash?

tax refunds

Tax Returns

In Ask Your Target Market’s latest survey, 25% of respondents said they have already submitted their 2013 tax returns. 41% said they haven’t done so yet, but plan to submit them soon. Just 7% said they plan to wait until the last minute to submit their 2013 tax returns. And 27% said they do not have to submit a tax return this year.

Tax Refunds

Overall, 40% of those submitting a 2013 tax return said they definitely expect to receive a tax refund. 28% said they are likely to receive a refund. 21% said they probably won’t receive a tax refund this year. And 11% said they definitely do not expect to receive a tax refund. Those expecting a refund were 22% more likely to have already filed their taxes for the year.

Spend or Save

Of those expecting a tax refund this year, 57% said they plan to use at least part of their refund to pay off debt or bills. 37% said they plan to save the money. 17% plan to spend their tax refunds. And just 10% have not decided how they would spend the money yet.

You can view the complete survey results in the widget below and be sure to click “Open Full Report” to take advantage of all the chart and filter options.

Photo Credit: Tax Time from Flickr

What do you want to know? If you need some consumer insights on a particular topic, let us know in the comments below and we’ll consider it for an upcoming survey post.

Results were collected on February 15 via AYTM’s online survey panel.

Anne Pilon brings 3 years experience to AYTM as a blogger and journalist. She has a degree in journalism and marketing communications from Columbia College in Chicago and enjoys writing about business, marketing, social media, and art.