Only 5% of taxpayers who expect to receive a refund this year plan on investing some of the money in mutual funds, stocks or bonds, according to a survey of 1,683 taxpayers by Cambridge Consumer Counseling Corp., a company that offers credit counseling to consumers.

Instead, a majority, 62%, of the 69% of those who expect to receive a refund, plan on using the money to pay off bills or make everyday purchases, the survey found.

Poor market conditions and accumulated personal debt are making investors wary, said Allen Grommet, an economist with Cambridge Consumer Counseling. "Because of the poor performance of the stock market over the past two years, few people are comfortable with putting their money at risk," Grommet said.

While the 5% figure for all respondents is small, Grommet added, 19% of those earning $75,000 or more a year plan on investing at least part of the money.

Because this is the first year that Cambridge Consumer Counseling has conducted the survey, the company does not have comparative figures, Grommet said.

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