FSP Managing Director Joanna Smith-Ramani joined Yahoo Finance’s On the Move to speak on how Americans are spending their stimulus checks. This article was written by Ben Werschkul for Yahoo FInance on 6/24/20. Click here to access the full article.
“About 159 million Americans have been sent their stimulus money, according to the Treasury Department. But researchers are just beginning to dig into what people are doing with it.
The early data suggests there are “two big ways people are spending their checks,” Joanna Smith-Ramani, managing director of the Aspen Institute Financial Security Program, told Yahoo Finance’s On the Move.
The first way is with immediate spending. Researchers from four business schools recently found “stimulus recipients are parting with their money remarkably quickly.” A survey in May found that about half of people who got a check had already put a majority of the money toward paying bills or buying essentials…”