Americans are saving, rather than spending, their stimulus checks

Americans are saving much of their stimulus checks or using them to pay down debt rather than spending the money, according to a new survey from the New York Federal Reserve.

Most Americans who have received stimulus checks are putting them into their savings accounts, instead of spending them right away.

A survey by the Federal Reserve shows households intend to set aside 42 percent of their stimulus payments for a rainy day.

Some 34 percent are using the coronavirus stimulus money to pay down debt.

The Fed survey estimates only about a quarter of the checks are going towards spending.

The Internal Revenue Service sent out 130 million payments by the end of March, with more on the way.

About 25 million more payments are expected to have been delivered by the end of this week, including many for social security recipients.

 

Recommended for you

(0) comments

Welcome to the discussion.

Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.