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The IRS says more than 111 million people received a refund averaging about $2,895 in 2017. While experts advise us to save, invest or pay off debt, a survey by H&R Block reveals how people really spend their returns.
• 35% spend some of their refund on something practical: paying utility bills, buying groceries or funding home repairs.
• 31% pay off debt.
• 11% splurge on something for family and friends.
J.P. Morgan Chase Institute also found that health care spending increases by 60% in the week after taxpayers receive their tax refunds. How will you spend your refund?
— Robin Rectenwald, WordWrite Communications