This post was originally published on this site
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.
Don’t miss: ‘It’s alarming to look at how many Americans used these funds to keep a roof over their head’
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.
