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A quarter of Americans plan to use their stimulus check for housing

Americans are going to receive their first round of stimulus checks this week as part of the government’s coronavirus assistance program, and consumers have already earmarked how they’re planning to spend those funds.

According to a survey from personal finance website Creditful, just over a quarter of the 1,000 Americans it surveyed are planning to use their first check to cover rent and mortgage payments.

The survey found that millennials are the most likely to use their checks to help meet their housing costs. They will use a cumulative total of 54% of the assistance they receive to pay for housing costs and other essentials such as utilities, the survey found. They’re also the likeliest age group to use their checks to buy stocks or make other investments, and service their student loan debts.

On the other hand, baby boomers will spend just 46% of the amount they receive on housing and utilities. Instead, they’re more concerned with using their checks to buy groceries, clothes and medical supplies.

As for Gen Xers, these revealed they’re most likely to use their stimulus checks to pay their bills, credit cards and utilities. Quite a few revealed they might also put away some of the money they receive into their savings accounts.

The majority of Americans are planning to spend the bulk of their checks on groceries, bills and utilities.

The stimulus checks are part of a $2 trillion stimulus bill that could give Americans up to $1,200 in funds, with an extra $500 per dependent younger than 17.

If you’re not sure if you’re eligible for the financial assistance, Smartasset, a personal finance site, provides an online calculator to calculate what stimulus funds you may be eligible to receive.

Mike Wheatley

Mike Wheatley is the senior editor at Realty Biz News. Got a real estate related news article you wish to share, contact Mike at mike@realtybiznews.com.

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