A recent report shows that out of the American households that received the latest stimulus check of $1400, only 19 percent spent the money right away, as opposed to saving the funds or paying off existing debts.
The report, written by the Peter G. Peterson Foundation, "a non-partisan organization dedicated to addressing America's long-term fiscal challenges to ensure a better economic future," details how American households spent or saved their three stimulus checks that have been given out so far as part of federal coronavirus relief packages.
"The first round of funds was mostly disbursed in April of last year, when the unemployment rate was at its highest (14.7 percent), and therefore many households used the money to pay for expenses," the report said. "Nearly three-quarters of U.S. households used... those initial $1,200 payments primarily for expenses as opposed to saving them or using them to pay off existing debt."
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