Survey: Americans are saving their stimulus checks

FILE - This May 8, 2008, file photo shows blank checks on an idle press at the Philadelphia... — FILE - This May 8, 2008, file photo shows blank checks on an idle press at the Philadelphia Regional Financial Center, which disburses payments on behalf of federal agencies in Philadelphia. Officials at the Treasury Department and Internal Revenue Service said Friday, March 12, 2021 that processing the new round of stimulus payments has already begun.(Matt Rourke | AP Photo/Matt Rourke, File)

By CNN Newsource

Published: Apr. 7, 2021 at 5:23 PM CDT|Updated: Apr. 8, 2021 at 6:03 AM CDT

(CNN) - Most Americans who have received stimulus checks are putting them into their savings accounts, instead of spending them right away.

A survey by the Federal Reserve shows households intend to set aside 42% of their stimulus payments for a rainy day.

Thirty-four percent are using the coronavirus stimulus money to pay down debt.

The Fed survey estimates only about a quarter of the checks are going towards spending.

The Internal Revenue Service sent out 130 million payments by the end of March, with more on the way.

About 25 million more payments are expected to have been delivered by the end of this week, including many for Social Security recipients.

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