Here’s What Most People Spent Their Stimulus Checks On
It's been well over a month since the coronavirus stimulus bill was passed and most Americans have received their checks. The $1200 checks for adults and $600 for children were meant to help stimulate the economy by promoting spending and keeping Americans afloat during these difficult financial times.
Contrary to what the government had hoped the stimulus money would be spent on, MarketWatch used a study to determine what Americans were actually spending it on. In the article linked, MarketWatch shares 12 different things that people are using their stimulus payments on. You can check out the top 5 reasons below.
Here's The 5 Most Common Things Americans Used Their Stimulus Money On
- Paid bills (30%)
- Put it in emergency savings (14%)
- Bought essentials (10%)
- Paid towards debts (8%)
- Other (5%)
The majority of people used the money on responsible things like debts, bills, savings, and groceries. Only 3% of people ended up spending their stimulus money on luxury items like electronics, media, and clothes.
What did you spend your stimulus on? Vote in our poll below.