What are people doing with their stimulus checks?


Stimulus checks direct deposited by the IRS: How people are spending the  money amid coronavirus | Fortune

Ever wonder what people are doing with their bonus money? Compared to the 2008 stimulus checks people are spending a whole lot more of their stimulus cash on other amenities then on food. While spending differed for people whose jobs were affected by the pandemic the group’s spending was barely different. The people were split into different financial groups, people in the lowest group earning at most $1,000 per month, they spent about 40% of the money in the first ten days says S.Baker from Kellogs. It’s surprising how this group’s money left the fastest. People with $3,000 or greater in their checking accounts used about a dollar of stimulus money in 10 days. 

What did they spend this extra cash on? People spent their stimulus checks on so many miscellaneous objects and services with spending growing in almost every category. As you’ve probably seen, the delivery system is backed up due to people having to order items to their houses so it’s no surprise that in three days a single person spent between $50 and $75 on food, home, clothing items, and rent. Compared to previous stimulus checks given out through the ages people now are surprisingly spending loads on restaurant takeout and transport in particular. With spending in these categories surging through about 300% in the first few days after the checks arrive.  

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