Nearly two-thirds (62 percent) of college students plan to save or invest the money given to them through the third wave of stimulus checks, a survey has shown.
The poll, conducted by research firm The Generation Lab among 804 college students, further revealed that 40 percent of students will spend some of the money on essentials such as rent, food, and utilities.
Meanwhile, 30 percent of the respondents say they intend to use the money to pay down their credit card, student loans, and other debt.
Only 8 percent and 6 percent stated that part of the stimulus check will be used for travel and recreational goods, respectively.
When to Expect Stimulus Checks
Around $1,400 is being given to every qualified taxpayer as part of the country’s $1.9 trillion pandemic relief package signed by President Joe Biden on March 11.
March 17 served as the first official payment date. There have already been more than 90 million direct deposits made and about 150,000 checks issued since the first distribution.
Several financial institutions have also decided to distribute the money even before it arrives from the government.
According to officials of the Internal Revenue Service (IRS), the payments will be released in batches, so some eligible taxpayers will have to wait for a few more weeks before getting the checks.
Importance of the Stimulus Deal
The third wave of stimulus is an attempt to boost spending, help the economy recover, and provide much-needed relief for the millions of people who have been struggling to make ends meet during the pandemic.
The infusion of cash into the economy is also hoped to boost the revenue of American retailers and manufacturers who have been hit particularly hard by the pandemic, as well as providing funding for higher education.