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Sunday, December 4, 2022

Stimulus Check And Its Varied Uses

Stimulus Check has been like the light amongst darkness for the common people of America. When the world was hit by the deadly pandemic, everyone was at a loss as to how life would go on in the future. People lost their jobs and businesses were shut down. This resulted in a mass hysteria that needed immediate addressing.

The government under the Presidentship of Joe Biden came up with the American Rescue Plan to provide three sets of monetary relief checks, popularly known as Stimulus Checks. These checks helped most of the families to come out of the sudden financial block. However, after the initial scare of the pandemic went away, several surveys were conducted as to how the people have spent their financial assistance from the government.

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The aid reached almost every tax-paying citizen of the country as the eligibility criteria were fairly simple. The money was received by Black and Hispanic Americans as well as White adults. Surprisingly, the different types of residents spent the money differently. Let us take a brief look at the varied uses of Stimulus Check. 

Stimulus Check: How Did Everyone Use The Money? 

Stimulus Checks were used for a variety of different purposes. Some families used the money to buy daily necessities, some used it to pay off their rent while some simply saved the entire amount in their bank accounts. A recent study conducted by FINRA Investor Education Foundation stated that almost forty-seven percent of Black and Hispanic Americans used the money for more than one purpose. 

In striking contrast, only thirty-two percent of white adults used the money multi-purpose. The study also found out that the money from stimulus checks was used for investing in stocks and funds. 

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