Many of us are double checking our bank accounts this week, looking for a direct deposit from the government. A new survey says most Americans already know how they want to spend the money.
Treasury Secretary Steven Mnuchin says by Wednesday, 80 million Americans will receive their direct deposit. It appears they're not letting it go to waste. According to IPX1031, the vast majority say they'll buy food/groceries, plus pay the bills, rent, and mortgage. Matthew Zajechowski, with Digital Third Coast (which represents IPX1031), says immediate needs top vacations or major purchases.
“I think now that people have that immediate flux of income, they’re more likely to spend that and allocate that towards some of the debits they normally would focus on,” Zajechowski said.
Zajechowski says same trend goes for tax refunds. Americans are either saving it or spending it on their immediate needs.
One other noteworthy statistic: 42 percent of Americans forgot the tax deadline is now July 15th.