(WWLP) – A study is shedding light on how most Americans plan to use their tax refund this year as we continue to face economic uncertainty.

According to a study conducted by CNBC, more than one-third of Americans are saving their tax refund this season, and 44% plan to use the funds to pay off debt or bills. However, refunds are expected to be lower this year for most Americans.

By the end of March, the IRS issued nearly 63 million refunds, with an average payment of nearly $2,900 compared to about $3,200 at the same point in the filing season last year.