The IRS has calculated that the average federal tax refund will be $2.913. What will Americans do with their refunds from Uncle Sam? One-third (33%) will spend all or part of it, with more than one in four (28%) spending it on everyday expenses, according to Capital One Bank’s annual taxes and savings survey.

Other uses for the refund include major purchases (9%), vacation (8%), new clothing and accessories (6%), and electronics (5%).

Not all are spendthrifts, however. Some plan to save at least part of the money (27%), pay down debt (17%), and/or invest their refunds (5%).

Most interesting tidbit for financial advisors: Almost seven in 10 Americans (69%) do not calculate their tax refund or tax payment into their annual budget.

“Most people are not factoring their annual return into their overall financial plan and long-term objectives,” Mickey Konson, managing vice president for Retail Banking at Capital One Bank, said in a statement. “Tax season is a good opportunity for people to plan ahead, with an eye toward their future goals and financial health.”

The survey results are based on 1,025 telephone interviews with U.S. resident adults.  The interviews were conducted from February 23, 2012 through February 28,2012.