Throughout the COVID-19 pandemic, the Center for the New Middle Class has been researching how both prime and non-prime Americans have handled the various financial struggles that have accompanied these unprecedented times. Recently we have been tracking how people have been spending the stimulus checks from the most recent COVID relief package. The data provides fascinating insight into how both groups of people are faring as we continue to deal with the pandemic. A few key insights from our research are below:
- 73% of Non-Prime, and 78% of Prime people surveyed received a stimulus check in January.
- Non-Prime folks are highly likely to use their stimulus checks on recurring necessity expenses, such as utilities, groceries, rent, etc.
- Prime Americans are more likely to put their stimulus checks into their savings, or large non-recurring expenses such as home improvement or paying down debt.
This research could suggest that non-prime people are much more likely to require the stimulus checks to pay for their daily needs such as food, and housing. Prime people, on the other hand, can use it on larger discretionary expenses. As the pandemic continues to play out with the new Administration, we will continue to produce research giving insight into how Americans are faring. Read the full report below.
