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Of the other refund spenders, 13 percent plan to treat themselves to a luxury item, up from nine percent in 2013, and one in seven (14 percent) plans to spend the funds on entertainment, down slightly from 17 percent last year. Others say they'll use the funds for basic household needs (23 percent), or to finance a big ticket item (nine percent).
Of those who aren't spending their refund check, 63 percent say they will funnel those dollars into a savings account. More than a quarter (29 percent) will pay down debt. A very small share (four percent) will contribute their refund to their employer-sponsored retirement plan, while 19 percent will invest it outside of employer-sponsored retirement plan.
Not everyone expects to get money back from the federal government. Thirty-one percent expect to owe taxes.
The findings were drawn from the first quarter 2014
This online survey was conducted by independent research firm
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SOURCE John Hancock Financial