The most popular way Americans will use their tax refunds is to pay down debt, according to a new Bankrate.com report. 34% of Americans who expect a refund gave that answer, followed closely by 33% who plan to save or invest their windfall. 26% will spend it on necessities such as food or utilities and just 3% will splurge on a vacation or shopping spree (down from 7% in 2010).

Two-thirds of millennials expect to receive a tax refund this year, more than any other age group. The likelihood of receiving a tax refund decreases with age: just 35% of people age 50 and older anticipate getting money back from the government.

Although experts generally frown upon receiving a tax refund because it amounts to an interest-free loan to the government, 38% of Americans prefer to receive a big refund and another 19% prefer a small refund.

"It's surprising that so many people still prefer to get a big refund, rather than adjust their withholding to get their money throughout the year," said Bankrate.com tax analyst Kay Bell. "You'd think during lean times, they'd need the money more to meet their monthly expenses. But old and bad tax habits die hard," she continued.

• Additionally, 43% of millennials are willing to pay higher taxes in exchange for free college tuition for all students, versus just 20% of other adults. 
• Senior citizens are significantly more likely than other age groups to support higher taxes for repairing and rebuilding roads, bridges and mass transit. 
• 22% of all Americans would welcome higher taxes if they would lead to free health care for anyone who needs it.

The survey was conducted by Princeton Survey Research Associates International (PSRAI) and can be seen in its entirety here:

http://www.bankrate.com/finance/consumer-index/money-pulse-0315.aspx