Prioritizing the basics: Americans’ plans for their stimulus checks
Americans plan to use their 2021 stimulus checks to pay down debt and sock away savings, according to a March poll conducted by Empower Retirement in conjunction with The Harris Poll.1 These results align with earlier Empower research indicating that Americans are increasingly prioritizing securing their financial futures.
There are some differences in how respondents spent their stimulus checks in 2020 compared to how they plan to spend the 2021 round of checks. As of March 18, 2021, 27% of respondents had already received their 2021 stimulus check.
These results represent a slight change from Americans’ priorities for the first two rounds of stimulus payments in 2020. Last year, the survey found:
Respondents did report differences in stimulus check spending by income with those in lower income brackets spending the money on basic needs and those in higher income brackets were more likely to put it in to a savings account. Millennials were especially likely to start or add to their emergency fund, use it to help make a large purchase, pay for a trip, and pay for childcare when compared to other generations.
If you’re looking for ideas about what to do with your stimulus check, this article includes four suggestions, all of which can help put you on sound financial footing.
1 Empower Retirement in conjunction with The Harris Poll, Retirement Savings & Stimulus Spending, March 2021, n=2045.
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