Survey: Americans are saving their stimulus checks

Survey: Americans are saving their stimulus checks
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. (Source: AP Photo/Matt Rourke, File/AP)

(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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