Obamas Paid 20.4% In Taxes On $481,098 Of Income In 2013
America's tax deadline is quickly approaching. Photograph by Bloomberg — Getty Images

People use their tax refunds for pretty boring stuff

Mar 12, 2015

With the due date for filing your taxes fast approaching, lots of Americans will soon be getting infusions of cash in the form of tax refunds. But according to a new study, they won't be using the money for anything particularly exciting.

Around one third of Americans will use their refund to pay down a debt, while another third will either save or invest the money, according to USA Today citing a survey from Another quarter will use it for everyday needs like food or rent.

Only around 3% of people surveyed say they'll be using their tax refund for a splurge like shopping or going on vacation.

The average tax refund is about $3,000, USA Today reports. While the money may seem like a boost, it's really just cash the government owes you back.

April 15, 2015 is the deadline to file personal taxes for the year 2014 or ask the Internal Revenue Service for an extension.

All products and services featured are based solely on editorial selection. FORTUNE may receive compensation for some links to products and services on this website.

Quotes delayed at least 15 minutes. Market data provided by Interactive Data. ETF and Mutual Fund data provided by Morningstar, Inc. Dow Jones Terms & Conditions: S&P Index data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Terms & Conditions. Powered and implemented by Interactive Data Managed Solutions