When It Comes To Their Tax Refunds, Americans Are Proving Themselves To Be Spend-Happy

 

LexingtonLaw-TaxReturnSpending-D6

When It Comes To Their Tax Refunds, Americans Are Proving Themselves To Be Spend-Happy

Nearly 1 in 3 who think they have poor credit scores (32%) plan to spend tax refunds on vacation, entertainment (such as going out to movies or dinner), and electronic or mobile devices.

Pay Off Your Debts

Those who perceive their credit score as excellent are more likely to agree that those without good credit should pay off their debts with their tax refund first.

*Those with a perceived excellent credit score are significantly more likely than those with a perceived poor credit score to agree that people who do not have good credit scores should pay off their debts with their tax refund before buying anything else (92% vs. 73%).

It’s Not a Bonus Check?

Those who think they have a poor credit score are more likely than those who perceive their score as excellent:

  • to agree tax refunds are to be used for fun purchases (47% vs 33%).
  • would rather buy something for myself or a loved one from a tax refund rather than pay off debt (51% vs 20%).
  • to consider a tax refund as a bonus check that should be used to buy themselves something rather pay off a debt (39% vs 22%).

Methodology

This survey was conducted online within the United States by Harris Poll on behalf of Lexington Law from February 3-10, 2015 among 4,301 adults ages 18 and older. For complete survey methodology, including weighting variables, please contact media@lexingtonlaw.com.