Vast Majority of Americans Want More Stimulus Checks in 2023 — What Are the Chances You’ll Get One?
While the COVID-19 pandemic began in early 2020, the aftermath of the virus and the rise in inflation rates post-pandemic is still affecting Americans today. The government started sending stimulus payments of up to $1,200 to eligible tax-paying adults in April 2020, followed by a second round of up to $600 between December 2020 and January 2021. Almost immediately following the second round of stimulus checks, President Biden came into office and launched his American Rescue Plan that provided eligible taxpayers a check of up to $1,400.
Although discussions of a fourth stimulus check have simmered down in the halls of Congress, Americans continue to advocate for another round of relief.
According to a recent survey conducted by GOBankingRates, 62% of Americans are in favor of more stimulus or inflation relief checks in 2023. In light of this data, let’s take a look at which states are likely to offer stimulus checks this upcoming year and how much relief they might be offering.
Survey: Most Americans Want Stimulus or Inflation Relief Checks in 2023
Sixty-two percent of Americans are hoping for some government-issued financial assistance during the new year, according to GOBankingRates’ survey.
While the majority of the population is in favor of this relief, 16% of respondents remain undecided regarding the topic and 22% are not in favor of more stimulus or inflation relief checks. When looking at the age breakdown, adults under 54 are more in favor of the government relief checks than older Americans. Sixty percent of 18- to 24-year-olds responded in favor, as did 69% of 25- to 34-year-olds, 70% of 35- to 44-year-olds and 69% of 45- to 54-year-olds.
Take Our Poll: Are You In Favor of More Inflation Relief in 2023?
Conversely, Americans over the age of 54 are less in favor of relief checks. Nearly a third of 55- to 64-year-olds responded that they don’t want more stimulus, and 40% of adults over 65 responded in kind. Seniors are also the most undecided age group on this topic, as 22% of Americans aged 65 and older are unsure of how they feel about more stimulus.
With the majority of Americans in favor of some financial assistance heading into the new year, let’s take a look at federal and state assistance patterns in 2022 and the likelihood of Americans receiving relief checks in 2023.
19 States Sent Out Inflation Relief Checks in 2022
Due to higher-than-average inflation rates this year, many Americans have had to cut back on their spending or are experiencing financial insecurity. While the federal government has not issued any relief checks in 2022, many states took it upon themselves to provide some monetary aid to residents.
As of now, 19 states have approved legislation to offer tax refunds to their residents before the end of 2022. These payments range from $50 (Illinois) to $3,200 (Alaska) for eligible recipients and vary by the respective state. The states that are issuing rebates to their residents include Alaska, California, Colorado, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Maine, Massachusetts, Minnesota, New Jersey, New Mexico, Oregon, Rhode Island, South Carolina and Virginia, according to Forbes.
What Are the Chances of States Sending Out Aid in 2023?
While there is always the possibility of states sending aid in 2023, the economic climate of the U.S. might not leave many inclined to continue offering relief. The fear is that another round of stimulus checks would further inflation and set the economy back.
That being said, the chances of states offering some relief are not impossible. In fact, some states are obligated to disperse any excess funds with residents instead of reinvesting them into the economy. While it is too early to determine whether states will have excess funds next year, residents of the states with this requirement in place might be able to enjoy some financial relief in the new year.
If States Do Administer 2023 Stimulus Checks, Be Smart With How You Spend It
Although there is no official confirmation that states will be administering any relief checks in the new year, it’s best to be prepared with the smartest moves to make in case you are in for a financial boost in the coming months.
“Americans must be very wise in how they choose to spend any financial assistance given to them by their government,” said Jake Hill, CEO of DebtHammer. “I think the best way to spend stimulus checks is to either pay down debts or put away for future savings opportunities. Contribute to an i-bond, or put money away for your children’s future education. There are plenty of smart ways to go about spending your stimulus checks, but the key is to not spend it frivolously.”
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Methodology: GOBankingRates surveyed 1,028 Americans aged 18 and older from across the country between Nov. 14-Nov. 18, 2022, asking 20 different questions: (1) What best describes the impact of Biden’s student loan forgiveness plan on you?; (2) How do you think student loan forgiveness will affect the economy in 2023?; (3) Describe your working situation in 2022; (4) Which best describes your working situation?; (5) What do you prefer your working situation to be in 2023?; (6) Did you look for better value in your job in 2022?; (7) Are you planning for any major job changes in 2023?; (8) Which of the following economic factors impacted your finances the most in 2022?; (9) What would you like to have to happened the most in 2023?; (10) Are you in favor of more stimulus or inflation relief checks in 2023?; (11) If you had a major financial emergency in 2022, how did you pay for it?; (12) How did your stocks fare in the bear market of 2022?; (13) Did you put off a big purchase in 2022 due to the strained economy?; (14) What best describes the impact the Fed raising interest rates has had on you?; (15) Which best describes your top financial goal for 2023?; (16) Are you planning for any of these major milestones in 2023? (select all that apply); (17) What is your top financial stressor heading into the new year?; (18) If you are a small business owner, what has been your biggest financial challenge in 2022?; (19) How do you feel about the Social Security cost-of-living adjustment (COLA) of 8.7% for 2023?; and (20) How did social media most impact your finances in 2022?. GOBankingRates used PureSpectrum’s survey platform to conduct the poll.