40% of Americans are saving their coronavirus stimulus payment
Nearly 40% of all respondents and 47% of those who say they’re still working reported saving the government stimulus payment they received, a new survey of over 3,000 U.S. adults from CivicScience finds.
Why it matters: "This is a shift from prior studies indicating that paying down debt/bills and buying necessities were higher priority than saving for those planning to receive payments," CivicScience analysts note.
Between the lines: Their survey also finds 31% of U.S.adults who were employed before the pandemic have been laid off, furloughed or are working reduced hours.
- This group was the most likely to say they paid off debt and/or bills.
Something to talk about: Only about 5% of respondents reported not working but still receiving regular pay. That group had radically different responses to the survey including significantly higher rates of investment.
Go deeper: New IRS website allows tracking of coronavirus stimulus payment