Survey shows how Americans plan to spend stimulus checks

Coronavirus Watch

(WEHT) – How do you plan to spend your stimulus check? According to a recent survey, many Americans plan to save it, while others plan to spend it on things like mortgage or rent.

In the survey, IPX 1031 surveyed 1,000 Americans to learn more about their tax filing habits as well as how they plan to spend both their tax refunds and Coronavirus stimulus checks. 

Here’s what they found:

  • 27% of respondents said Coronavirus has changed how they’ll spend their tax refund.
  • Americans planned to use their tax refund pre-Coronavirus: 1. Paying off debt (39%) 2. Saving it (31%) 3. Investing it (14%) 4. Vacation (8%) 5. Making a major purchase (4%) 6. Other (4%).
  • Americans now plan to use their tax refund due to Coronavirus on: 1. Food/groceries (24%) 2. Saving it (24%) 3. Mortgage/rent payments (23%) 4. Utility bills (12%) 5. Paying off debt (10%) 6. Other (7%).
  • Americans plan to use their Coronavirus stimulus check on: 1. Saving it (29%) 2. Paying mortgage/rent (20%) 3. Paying off debt (17%) 4. Food/groceries (16%) 5. Utility bills (7%) 6. Other (11%).
  • 42% of respondents said they didn’t know the next tax day is July 15th. 

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(This story was originally published on April 10, 2020)

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