What Are You Doing With Your Refund?

Income tax returns are due tomorrow, but many filers have gotten their refunds already. John Hancock, as part of its 2015 Investor Sentiment Survey, asked 1000 people with incomes over $100,000 how they were going to spend their tax refunds this year. Some of the responses:

• Half expect to receive a refund
• 52 percent of those expecting a refund plan to put it in a savings account 
• 25 percent plan to pay down debt
• 2 percent said they would put it in an employer-sponsored retirement plan

Of those planning to spend the cash:

• 38 percent said the money would go toward a vacation
• 20 percent expected to spend it on “basic household needs”
• Only 5 percent said they would treat themselves to a “luxury item”