The average American’s 2017 tax refund and how they’ll spend it

(Image: Shutterstock)

NEW HAVEN, Conn. (WTNH) — Not to long ago, a lot of people were rushing to do their taxes and expected to get some money back.

According to a new report by the IRS, they processed more than 128 million taxes returns and only 97 million of us got a refund. USA Today reports the average refund Americans received was $2,763, which is actually a two percent increase from last year.

Here’s how people spend their money:

  • 41% plan to put the money in savings
  • 38% plan to pay off debt
  • 11% plan to use their refund toward a vacation
  • 5% plan to splurge on a purchase
  • 5% plan to use their refunds toward a big purchase, such as a car or home

For more information on this years tax refund and what people will likely spend their money on click here.

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