42% of U.S. households saved their last stimulus check
More Americans are saving stimulus money this time around.
Details: Recipients without a college degree plan to use the funds to pay down debt.
- Climb up the income scale and the likelihood that stimulus checks will be saved — not spent or put toward paying down debt — drops, according to the New York Fed.
The bottom line: "[T]he high levels of saving should facilitate more spending in the future," researchers there say.
- A word of caution for those expecting an immediate spending boom: There's a "great deal of uncertainty ... about the pace of this spending increase and the extent of pent-up demand."