Skip to main content
1198
• Mar 22, 2018

The silver lining to tax season often comes in the form of receiving a return from the government. According to irs.gov, the average tax refund is $3,120. Even though it's your own money, it can feel like found cash, so people have different ideas for how to spend it.

TD Bank asked people who are expecting a refund what they plan to do with the money – overwhelmingly, they chose to use the funds towards bills or to pay down debt, rather than spend it on a new item or experience, put it towards a major purchase, invest, or fund a savings account.

1199.jpg#asset:2366



Here are some other things we found:

Preferred method of handling tax refund:

  • Direct deposit to a checking account (56%)
  • Receive a paper check, cash it (17%)
  • Receive a paper check, deposit to a checking account (11%)

Also of note:

  • More than 1 in 4 respondents (26%) said if they could give their younger selves advice, it would be to use their tax refund to pay down debt. Funding a savings account was a close second at 23%
  • 70% of respondents 55 and over receive their refund through automated deposit to a checking account, compared with those aged 35-54 (57%) and those 18-34 (43%)

For more information, or to request a copy of the full survey results, please contact Lisa Sawicki, lisa.sawicki@td.com

Want to learn more about Banking?
TD Confirms Ownership Stake in The Charles Schwab Corporation Following Completion of Transaction
Loves Furniture Selects TD Bank as Financing Partner
TD Bank, America's Most Convenient Bank®, Issues Statement on Settlement with the Consumer Financial Protection Bureau

Join our newsletter

Sign up for the latest updates from TD Stories delivered to your inbox twice a week.

See you in a bit

You are now leaving our website and entering a third-party website over which we have no control.

Continue to site Return to TD Stories

Neither TD Bank US Holding Company, nor its subsidiaries or affiliates, is responsible for the content of the third-party sites hyperlinked from this page, nor do they guarantee or endorse the information, recommendations, products or services offered on third party sites.

Third-party sites may have different Privacy and Security policies than TD Bank US Holding Company. You should review the Privacy and Security policies of any third-party website before you provide personal or confidential information.