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Americans not splurging with tax refunds, report shows

Posted at 7:22 PM, Mar 06, 2017
and last updated 2017-03-06 19:22:30-05

Tax season is already halfway over and more than 1 million tax returns have been processed in Maryland. 

Comptroller Peter Franchot is urging Marylanders to e-file because it's the most secure and efficient way to submit a tax return and most people receive their state refunds within three business days. 

Even though it's dubbed "refund season," the days of splurging with tax refunds seems to be a thing of the past. New finding from Bankrate show 34 percent plan to save or invest their tax refund. Twenty-nine percent will spend it on necessities, like food and utility bills. And 27 percent plan to pay down debt. 

Bankrate says the number of people planning to save or pay necessities is the highest it's been since it started the survey in 2010. The number of people planning to pay down credit is actually the lowest it's been. 

This year the filing deadline is Tuesday April 18.