A new poll done by Bankrate.com and Princeton Survey Research Associates International has found that fewer Americans will go shopping with their tax refunds this year. According to the study (via MSNBC.com) an estimated 84% of U.S. taxpayers intend to pay bills, eliminate debt, or buy essential items with their refunds.
Only 7 percent plan to fritter the money away on a shopping spree or vacation.
On the other hand, 40 percent of those who believe they owe taxes say they are not prepared to pay up. Nevertheless, only 6 percent plan to borrow money, though 17 percent say they intend to set up an installment plan with the IRS.
And six in 10 people (63 percent) will pay their taxes with funds straight from their bank accounts.
ankrate commissioned Princeton Survey Research Associates International to gauge Americans' feelings about the looming tax deadline and whether or not they're prepared to pay the taxman.
Overall, 30 percent of Americans intend to pay down debt with their tax refund, 28 percent say they will save or invest it, and 26 percent have earmarked those funds for necessities such as food or utility bills.