More people are saving.
IRON MOUNTAIN -- Tax day is behind us and many people have already received their returns. Most, however, don't plan on using their money to treat themselves.
Fifty-seven percent of adult Americans expect to receive a tax return this year, however, most of that money is going to be spent as soon as it arrives.
According to a survey conducted by the Associated Press earlier this month, 54 percent of Americans who are receiving a return are utilizing the money to pay bills. This is up from 35 percent of Americans who did the same thing last year.
31 percent of those people will be putting the money toward outstanding credit card bills
19 percent will pay off utility bills
17 percent will use their refunds for rent or mortgage payments
The 35 percent of those who don't need the money for outstanding bills are planning on saving it--just in case.
"I'm planning on saving it, but if I need something, I'll probably use it for that," said return recipient Simone Steber.
Not everyone rushed out to file for their government windfall, however, many had to wait on paperwork.
"Some people that I normally saw earlier I didn't see because they had to wait for their unemployment information, and that did hold a lot of people back from filing as early as they usually did," said tax analyst, Joyce Erickson.
Though the average return went up from $2,500 last year to $2,700 this year, that's not the case in Michigan, which is staggering under double digit unemployment rates. Because of this, many people didn't make as much money as they did last year, therefore, they're seeing less back in returns.
The Internal Revenue Service is expected to send out an estimated $330 billion total in tax refunds.
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