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Most Americans Plan to Spend Tax Refunds Apr. 15, 2003 Fifty-nine percent of Americans who are expecting tax refunds this year plan to spend them on everyday purchases or to pay bills, according to a recently released index. Additionally, fewer respondents said they plan to save their refunds in a bank account (27 percent), or invest in stocks, bonds or mutual funds (four percent).
These findings are the result of monthly nationwide telephone poll of 1000+ adults conducted by ICR/International Communications Research earlier this month, sponsored by The Debt Relief Clearinghouse.
Compared to last year, when 62 percent spent their refunds, this index reflects more cautious consumers, said Jordan Goodman, spokesperson for the index. He noted that with most Americans spending their tax rebates, the economy should get a boost.
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