The average tax refund is $3,120. Here are some ideas for spending it.
The average tax refund is $3,120, according to the Internal Revenue Service. And while it may be most prudent to save that money or pay off debt, there are few better ways to make yourself happy than traveling.
In a survey by Trip.com, 34 percent of respondents said they would pay bills with their refund, 31 percent said they would save most of it, and about 6.5 percent said they would take a trip. (About 20 percent said they would do a combination of the above.)
As for why people travel, 34 percent of respondents said relaxation is the number one reason.
“More people responded that their motivation to travel was to relax,” Trip.com co-founder and CEO Travis Katz said in a statement, “which may reflect other reports that Americans are still feeling stressed about both the economy as well as post-election fatigue.”
After relaxation, the next most popular travel goals were exploration, to experience culture, and to visit friends and family.
With relaxation top of mind, it's not so surprising that 35 percent of respondents said their ideal destination is a warm beach like Hawaii, and 24 percent said they preferred adventure or outdoor recreation. Europe was also a popular choice, at 12 percent, while 10 percent said they'd like to travel to a big city.
If you've got a refund coming your way and are more interested in spending it than saving it, here are a few trip ideas.