Over Half of Americans Need $1,400 Stimulus to Pay Basic Expenses

studying credit report

As progressive Democrats in Congress begin their campaign for a fourth round of stimulus payments, Americans say they are dependent on the third, $1,400 stimulus to feel secure about their financial situation and make ends meet. The data comes from a recent survey by fintech banking developer MX Technologies. 

See: Biden’s Stimulus Gave Schools Billions to Re-Open Safely – Why Are So Many Still Closed?
Find: 30 Million Seniors Haven’t Received Their Stimulus Check, According to Lawmakers

One-Quarter Are Insecure About Financial Situation, While Half Plan on Spending Stimulus

The survey asked over 1,000 Americans with a wide range of incomes about their plans for the latest $1,400 stimulus payment from the American Rescue Plan. Of the respondents, just over half said the proposed payment wouldn’t be enough to cover monthly household living expenses. 

Over 50% said they were planning to either spend their entire amount or save at least a portion of it. Just under 44% said they were planning on using the money towards their housing, rent and utilities, while one-fourth said they would put it towards paying down credit cards. An additional 20% said they would use their money to pay down either student loans or medical debt. 

See: 62% of College Students Plan to Save or Invest Their Stimulus – Is That Good or Bad for the Economy?
Find: California City Debuts Universal Basic Income Program to Help Residents Survive Economic Crisis

Make Your Money Work for You

Moreover, more respondents say their households would continue to struggle without the $1,400 stimulus money coming in. While one-in-four say they would feel insecure about their financial situation, 10% to 13% say that without additional help, they would have a difficult time paying for housing (13.86%), credit card bills (13.37%) or groceries (10.32%). 

Congress Delegation Says More Stimulus Money Is Needed to Support Economy

The latest survey data comes as delegations from the U.S. House of Representatives and U.S. Senate say additional funds to Americans are needed. In separate letters to the White House, over 60 Senate and House members are asking for an additional release of funds to qualified individuals. 

More from GOBankingRates


      Make Your Money Work for You

      About the Author

      Joe Cortez is a personal finance writer for GoBankingRates. With over a decade of experience in financial journalism, Joe brings an insider knowledge of all things consumer finance, including credit cards, mortgages, and banking accounts. His work has appeared at NerdWallet, Business Insider and NextAdvisor. He is a member of the Society for Professional Journalists, National Association of Hispanic Journalists, and the Radio-Television-Digital News Association.
      Learn More


      See Today's Best
      Banking Offers