Business and Economy People

Here’s How Americans Said They Will Spend Their Latest $1,400 Stimulus Check

Sometimes a Little Steamy!

The Grind:
With the Fed depositing a fresh round of “free money” into the pockets of most Americans, the focus now turns to where the money is eventually going to wind up. Will it boost financial assets? Crypto? Will it finally hit consumer prices and cause a tick up in inflation?

These are the questions that a new Bloomberg survey sought to answer earlier this week. As Americans enter what is hopefully the closing stages of the Covid pandemic and we attempt to get back to some form of normalcy, questions were abound about how a third (and perhaps final) stimulus would be rationed.

The Details:
Respondents to a new survey said overwhelmingly that the money would go to things like saving, food and housing, first and foremost. Following that was paying down credit card debt, home improvements and healthcare.

Financial advisers are telling people they can diversify with how they dole out the newly acquired cash. Scott Cole, president of Cole Financial Planning and Wealth Management in Birmingham, Alabama, said: “You save some, you give some and you spend the rest. You could say, ‘I would like to pay down some debt, stick a little in my cash reserve and still have a little bit to do some fractional trading,’ if you want to.”

Right. Because “fractional trading” often comes up in conversation with the everyday American. Finger’s really on the pulse there, Scott. Read more…

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