While plenty of Americans used their stimulus checks to pay rent, utilities, food and other essential expenses some 14% are saving their stimulus checks.
The majority of Americans saving their stimulus checks or using it to pay off debt have an annual household income between $75,000 and $99,999, the U.S. Census Bureau reported this week in its experimental Household Pulse Survey.
By contrast, “87.6% of adults in households with incomes of $25,000 or less planned to use their stimulus payments to meet expenses,” the survey of over one million Americans found.
This news comes as Treasury Secretary, Steven Mnuchin said that the Trump administration is “very seriously considering” a second stimulus bill.
That package could include a second round of direct stimulus payments, Mnuchin told lawmakers in a testimony on June 10. In the first round $1.4 billion went to deceased people, the Government Accountability Office reported on Thursday.
The $3 trillion stimulus package, known as the HEROS Act, House Democrats passed last month also called for a second round of direct payments, at $1,200 per family member with a limit of $6,000 per household.
Under the HEROS Act, college students who were considered dependents of their parents would qualify for a stimulus payment. Previously they were ineligible under the first stimulus package, the CARES Act.