Saw some stats on how people are using them, and thought it would be interesting to compare with our own community here :)
Here’s what SmartAsset.com found when they polled 1,300+ people:
More than half of adults – 52.09% – said they primarily plan to use their stimulus check on needs such as rent and food. Putting the money into savings was the next most popular category, at 21.56%.
And here’s a breakdown of ALL the responses, along with a nifty graph for your viewing pleasure:
- Spending on Needs: 52.09%
- Saving: 21.56%
- Paying off loans or debt: 7.13%
- Investing: 4.53%
- Spending on wants: 3.19%
- Donating: 1.06%
- Other: 0.44%
Surprising? Maybe? I was actually SUPER glad to see that it was “only” 52% who seemed to need the money that bad! Which of course is still a ton, but with the economy/pandemic the way it is I guess I assumed it would be much higher. Like maybe in the 70-80% range?
Loved seeing that donation category though! Even though it is *barely* there, lol… We didn’t get any checks due to #firstworldproblems, but I was secretly hoping we’d accidentally get them to help pump up our Community Fund :) Guess we just weren’t dead enough yet though! Haha…
Still, I’m glad to see at least a lot of the people who needed cash got some… And a lot of great saving and investing going on there too! A pretty fortunate position to be in!
So how would you guess this compares to our own community here? With people more in tune with their finances than the average American?!
I couldn’t wait until I published this article to find out, so I kinda cheated and polled Twitter first just for a sneak peek ;)
And boy what a difference!
Over 70% have used their $$$ towards future financial goals!! With *needs* dropping down to 3rd place and Saving/Investing locking in the 1st position with a solid majority!
If that doesn’t show the power of paying attention to this stuff year after year I don’t know what does…
I wish I could have broken down the answers more tightly as a TON of people mentioned donating their money and/or supporting their local community with it, but sadly Twitter only allowed 4 slots so I had to do my best there… (And I omitted “other” from the positioning just cuz it would have broken down into smaller amounts than the *needs* at 11.6%)
Still, a pretty interesting difference compared to SmartAsset’s poll! Way to go guys!! Obviously we can’t control *everything* in our lives and $hit still happens, but a lot easier to manage it all with a strong foundation than without one.
So yet again proof that the work pays off here when you focus enough 👍
How about you guys? Where did you put your check towards if you got one? Or are you one of the people still waiting to receive it?
Another stat I read said there’s apparently still 26% of eligible respondents waiting to get their checks in the mail :( Which is no small number!
If anyone desperately needs assistance – or knows of anyone else who does – please let me know and I’ll see if I can help. Hang in there!!
// Pic up top by Matthew Lancaster via Unsplash
Jay loves talking about money, collecting coins, blasting hip-hop, and hanging out with his three beautiful boys. You can check out all of his online projects at jmoney.biz. Thanks for reading the blog!