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How Americans Are Spending Their Stimulus Money

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How Americans Are Spending Their Stimulus Money

Many Americans have already received their federal stimulus bank deposits, and digital bank Current has compiled data to see where the money is being spent, CNBC reported.

Americans 'Just Trying To Survive' 

Current members who received and cashed a stimulus check spent 16% of the money on food, including restaurant orders, according to the bank. Another 10% was allocated to gas and 9% toward groceries.

Consumers are "just trying to survive" with the stimulus payment and are acting in a responsible manner, Current CEO Stuart Sopp told CNBC.

"Clearly food is an issue, people are struggling." 

Beyond necessities, 14% of the funds were transferred, 9% of the cash was withdrawn at an ATM, 5% was spent on video games and 4% on paying bills.

Current Advances Customer Payments 

Current is among several fintech companies that accelerated the stimulus payments by using their own cash.

Instead of waiting for the funds to be deposited to individual accounts, Current tapped its own balance sheets to credit accounts and will "accept the credit risk of the Treasury and IRS, at least for now," Sopp told CNBC.

Around 45% of all of the stimulus funds that were deposited in Current's accounts have been spent, and Sopp told CNBC he expects the figure will rise to 100% within a few weeks.

Related Links:

10 Best Ways To Use Your $1,200 Stimulus Check

10 Worst Ways To Use Your $1,200 Stimulus Check

 

 

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Posted-In: CNBC Coronavirus Covid-19 Current stimulus Stuart SoppMedia Personal Finance Best of Benzinga