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51% of People Will Save Their Tax Refund, 17% More Than Last Year

Perhaps it's a time to be frugal and sock money away?
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As the famed Benjamin Franklin quote (loosely) goes: In this world, nothing is certain except for death and taxes. However, which of those certainties is the one more upsetting is up for debate; apparently, a sizable chunk of our readers (a whopping 32%, to be exact) fear the sight of 1040s and tax software more than the Grim Reaper himself — which means the impending tax season may be spreading some serious gloom across the nation.

And while another 23% of people actually said that they'd rather get a root canal than do their taxes, the process doesn't actually seem all that bad this time around. Last year, the average tax refund for an individual was $2,872. If that holds even remotely consistent this year, then a lot of you will have some serious dough in your pocket soon.

What has changed this year, however, is what everyone is planning on doing with that refund. In fact, 51% of our readers said that they would save the majority of their refund, up by a full 17% year-over-year. Conversely, only 9% of respondents said they would spend it, which is down 13% from last year. Clearly the consensus is that it's a good time to remain frugal, and perhaps sock money away for a rainy day.

For some more interesting tidbits from our tax day survey, check out the complete infographic below. And then be sure to let us know what you plan to do with your refund this year (if you're getting one) in the comment section below!

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Features Director

Lindsay Sakraida is the DealNews Features Director. She specializes in writing about shopping trends and lifestyle subjects. She's also obsessed with music, movies, and tennis. Follow her on Twitter at @LinSakraida.
Please note that, although prices sometimes fluctuate or expire unexpectedly, all products and deals mentioned in this feature were available at the lowest total price we could find at the time of publication (unless otherwise specified).
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3 comments
kreimerd
Historically, only about 1 percent of filers get audited each year not 10%!?

Where's your source on that?

Maybe you mean 10% have been audited at some point in their lives, but certainly not 1 in 10 chance each year. You're off by a factor of 10.
Slaz5
Mine will go to a student loan payment
doconnell864
1 in 10 get audited ? what is your definition of audited ? that seems like an extreme number
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