Most Common Use for Third Stimulus? Savings, Poll Shows

Number of the Day: The most relevant or interesting figure in personal finance

34%

That's the percentage of consumers who would put a significant amount of their third stimulus check into savings, a new survey shows, making it the most common way people plan to use the funds, if they materialize.

Stashing the extra money away is also a more popular idea now than it was in April, when the first round of stimulus checks were distributed, according to a Morning Consult survey commissioned by Bloomberg News. The 34% compares to 23% of respondents who said they would mostly save the money from the first round. 

If approved by Congress, President Joe Biden’s economic relief package would bring stimulus checks of up to $1,400 per taxpayer plus $1,400 per dependent to eligible households around the country. (For a single filer, the cut off would be $75,000 in annual income for the full payment and $100,000 to get anything.)

While lawmakers have debated whether to make the payments more targeted, the survey found that recipients at all income levels were expecting to save more if this third round materializes, Bloomberg reported Thursday when it released the findings. For example, in households earning less than $50,000 a year, 29% expected to mostly save their check, up from 17% in April. The latest survey of 2,191 adults was taken Feb. 3-Feb. 6 and had a margin of error of plus or minus 2 percentage points, Bloomberg reported. Respondents could choose as many answers as they wished.