Forty-four percent of Americans who expect to receive a tax refund this year plan to use it to pay down credit card or other debt, while just nine percent will put it into a retirement plan, according to a new consumer survey by LIMRA Secure Retirement Institute.

"It is good to see so many Americans are considering the impact holding debt has on their overall financial security and are taking steps to diminish the debt they are carrying" said Cecilia Shiner, assistance research director, LIMRA SRI research.  "But more than one and a half times as many Americans said they would use their tax refunds for vacations and three times as many said they would use it for everyday expenses, rather than increasing their retirement savings."

LIMRA SRI asked respondents whether they felt they would be able to live the lifestyle they want in retirement, and found that those who are confident they will are three times as likely as those who are not confident they will to put their refund into a retirement savings account (12 percent vs. four percent).