6 in 10 Americans Need Economic Impact Payment to Make Ends Meet

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A recent report from MagnifyMoney finds:

“Just over six in 10 Americans said they need another economic impact payment in order to make ends meet, according to a survey by MagnifyMoney, a LendingTree company.

“As the coronavirus pandemic shows little to no sign of slowing, the U.S. government is struggling to come to an agreement on another relief package to help Americans stay afloat amid the economic storm caused by the COVID-19 crisis. Congress recently departed for its summer recess without a plan in place and according to MagnifyMoney’s survey, many consumers are desperate for a financial life raft.”

Key Findings:

  • Just over 6 in 10 Americans (61%) need another economic impact payment to make ends meetincluding 82% who were laid off or furloughed and 71% of Gen X. With Congress unable to reach a deal before summer recess, many consumers may be left with a gaping hole in their finances.
  • Consumers overwhelmingly support another round of relief checks, with 73% in favor. Both sides of the political spectrum agree on this, as 81% of surveyed Democrats and 78% of Republicans back a second stimulus payment.
  • Women especially need another stimulus payment to cover basic needs. The survey found that women were more likely than men to plan to put their check toward bills (35% versus 19% of men), groceries (31% versus 20%) and rent or mortgage payments (24% versus 15%).
  • Most consumers surveyed think the relief payments should be made more than once or twice. Of that group, almost four in 10 believe checks should be issued every month. Additionally, nearly half (48%) of all consumers think the second round of stimulus payments should be more than the initial $1,200 amount.
  • Of those surveyed, one in four said a second round of economic impact payments would relieve their financial trouble entirely. This is up from the 18% who said the same about the first round of payments.

MagnifyMoney commissioned Qualtrics to conduct an online survey of 1,010 Americans, with the sample base proportioned to represent the overall population. We defined generations as the following ages in 2020:

  • Gen Z as ages 18 to 23
  • Millennials as ages 24 to 39
  • Gen X as ages 40 to 54
  • Baby boomers as ages 55 to 74
  • The survey was fielded from July 24-26, 2020.

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