Poll: Many Are Saving, Rather Than Spending, Stimulus Checks

Almost 40% of Americans who have received economic stimulus checks put the money away in savings rather than spend it, a new poll finds.

Results from the Axios/Ipsos survey published Tuesday:

• A plurality of respondents, 38%, said they are saving the money.
• Of the people who said they are spending it, 26% said the cash would be used to pay off debt, 25% said they would use it for food and other basic household expenses, and 14% said the money would go toward rent or mortgage payments.
• 21% of whites said they would use the money for food and other household expenses, the most popular spending choice among this demographic.
• 49% of blacks said they would use the money to pay down debt.
• 40% of Hispanics said the money would go toward the purchase of food and other household necessities.
• 21% of whites, 16% of blacks, and 5% of Hispanics said they have not yet spent their stimulus money but had plans to do so.
• Almost 20% said they have been furloughed, laid off, or separated from their job during the coronavirus pandemic, which has resulted in a myriad of restrictions and business closures.

Part of the CARES Act, the stimulus money is being distributed via direct deposit and paper checks by the IRS.

The Axios/Ipsos poll was conducted among 1,021 U.S. adults from April 24-27. No margin of error was listed.

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