Majority Of Those Who Received Stimulus Checks Say They Used Money To Pay Rent

in money •  last month  (edited)

According to a recent survey that asked people in the United States what they had spent their recent stimulus check money on, many of them reported that they simply used the money to put a roof over their head and to pay rent and other bills with the check they received.

About 30 percent say they used it to pay bills.

Meanwhile, you might come across a few stories where people have admitted to funneling that money straight away into their savings accounts, using it to get a leg up on a downpayment for their own place, many others don't have that luxury.

They can't choose what they might spend the money on, choosing from one shopping spree or another, instead they had to buy food and pay for shelter above all else.

Bills, bills, bills

Most of the bills that people have been paying are reportedly cable TV bills, rent, utilities, and cellphones.

These services are going to come first before people start thinking about which retailers they might want to rush toward to spend with. And until many people feel comfortable meeting those needs, what they consider to be their essentials, who knows how long it might be before they reverse their habits and start engaging in more "relief spending".

This recent economic downturn has come as a complete shock for many to the point that a large number of people will likely become more conservative with their finances now. They will either do this by choice or they've been forced to by their circumstances, they might have recently lost their job or are seeing less business over the last few months.

It’s alarming to look at how many Americans used these funds to keep a roof over their head ...,” according to the report by YouGov.

Aside from paying rent or utilities etc, others might be using this opportunity to put that cash (any extra that they have now) toward paying down debt.

Those who were not living under a mountain of debt when things started slowing down are probably thankful that they were in such a situation and this has motivated others to now be in the same situation if they can too.

After paying bills like rent and hydro, the second most popular answer as for where the money was spent ended up being emergency savings, followed by buying essentials, and paying debt.

Millions of people around the United States and other countries are used to living paycheck to paycheck and so when they suddenly lose their job from being fired or it closing down for an undecided amount of time it will significantly disrupt the standard of living for those people.

Previous reports have estimated that millions of Americans don't even have enough money available to help them cover an unexpected $1k-2k emergency without having to ask for outside help from friends, family, or another source. That is a risky way to operate.

Not to be taken as financial advice

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$1.3 trillion in wages was lost according to a survey of 1000 HR managers.

This was as of a couple weeks ago, so it is likely the number is higher now.

20% of the wages came from people still employed who either had their pay slashed or hours reduced.

The American public was not in a position to handle this.

Posted Using LeoFinance