Most Americans say the coronavirus stimulus money currently being disbursed by the U.S. Treasury won’t last more than a few weeks, according to a new survey from the personal finance website Bankrate.com.
“Highlighting the pandemic’s ongoing financial toll almost a year into the crisis, the majority of participants (53 percent) say the $600 check they’re expecting to receive for every adult and dependent child in their household will sustain their financial well-being for less than a month,” Bankrate said. “That total includes 18 percent who do not think the money is enough to make any impact on their finances.”
At the same time, most respondents said the money would indeed help, with 71% saying that the cash infusion “will be very important or somewhat important to their near-term financial situation.”
The most commonly cited use for the money is paying bills and for daily expenses, Bankrate said, although there is a difference between those with low (less than $30,000) and high incomes (over $80,000). The latter group was far more likely to say they would save the money rather than spend it.