A recent government survey revealed that Generation Xers were the least likely to set aside money from their coronavirus stimulus checks.
According to the Household Pulse Survey, compared with other generations, only 12% of Gen Xers (ages 40 to 55) were likely to save it. The survey also found that 27% of the Silent generation (ages 75 to 92) saved the money.
"This is understandable, given that those in the Silent generation are less likely to be financially affected by the rise in unemployment during the coronavirus pandemic, while Generation X, are more likely to be financially affected by the loss of work-related income," the survey said.
The survey is a collaboration between the U.S. Census Bureau, BLS, the Department of Housing and Urban Development, the National Center for Education Statistics, the National Center for Health Statistics, and the United States Department of Agriculture’s Economic Research Service.
The survey also found that 59% of recipients spent their stimulus income on expenses, followed by debt (13%) and savings (12%).
The survey is helpful insight into the spending habits of Americans as U.S. lawmakers work on a second coronavirus relief package which may include another round of stimulus checks.
According to the Internal Revenue Service (IRS), 159 million stimulus payments were made totaling more than $267 billion.
It's worth mentioning that about 9 million Americans still haven’t received their first stimulus check.
"The IRS has made an unprecedented outreach effort to make sure people are aware of their potential eligibility for an Economic Impact Payment this year," said IRS Commissioner Chuck Rettig. "Millions who don't normally file a tax return have already registered and received a payment. We are taking this extra step to help Americans who may not know they could be eligible for this payment or don't know how to register for one. People who aren't required to file a tax return can quickly register on IRS.gov and still get their money this year."
Watch the video above to learn more about the survey.
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