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WASHINGTON, March 28 (UPI) -- Half of all consumers who get a tax refund plan to use it to pay down debt, a survey by the National Retail Federation indicates.
The NRF's survey, conducted by BIGresearch, also indicates more than a third also hope to put some of the money into savings (39 percent). Some consumers plan to use a portion of their refund for everyday expenses (24.1 percent), vacation (13.4 percent) or a major purchase (9.1 percent).
"Throughout the month of April we expect retailers to offer a variety of promotions geared to encourage consumers to spend part of their refunds on new electronics, clothing, and cars," NRF President and Chief Executive Officer Tracy Mullin said.
Young adults are the most likely to plan to pay down debt, with 59.6 percent of 18- to 24-year-olds planning to use part of their return to pay down debt.
The NRF survey polled 6,366 consumers Feb. 2-9 and has a margin of error of 1 percentage point.
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