Sumary of Stimulus Check Update: Here’s How Americans Plan to Use Their Third Check:
- This stimulus check was authorized by the American Rescue Plan Act in March and is valued at $1,400 per eligible adult and dependent..
- As people get their money, the Federal Reserve Bank of New York has taken a close look at what they plan to do with it..
- Here’s what Americans are doing with their third stimulus check The New York Federal Reserve Bank surveyed both Americans who had already received the third payment, as well as those who expected to get it soon..
- The Federal Reserve found these results to be fairly consistent with what people did with both their first checks and their second ones..
- While Americans dedicated slightly less of their later checks to consumption compared with the first one — and slightly more of the money to savings or debt payoff — people have by and large been responsible with the funds….