Americans Plan to Save Tax Refund

Almost three-fourths of polled Americans won’t be spending their tax refund for 2008.

An ING DIRECT news release said 71% of respondents plan to save the money, invest it, or apply it to their debt.

According to ING, 51% of respondents expecting a refund for 2008 will use it to cover basic household expenses, including 65% who are under the age of 35. One in four Americans expecting a federal tax refund plan to save their refund and one in three (39%) will pay off debt with their refund this year.

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For Americans who owe taxes this year, 43% stated that they will dip into savings to pay Uncle Sam.

The national online survey was conducted by Harris Interactive on behalf of ING DIRECT between March 17 to 19, among 2,115 adults age 18 or older.