How several Americans are planning on spending their stimulus check round two

On March 11, 2021, President Biden signed the American Rescue Plan into law. For many of us, we know this more commonly as “stimulus check round two.” The American Rescue Plan includes many provisions to help small businesses and people continue to get through the COVID-19 pandemic, and for many of us, that includes receiving a stimulus check.

By now, many have already received their checks, but the checks are still in the process of being delivered to every eligible citizen. What will be interesting is to see how the stimulus checks help individuals and families as well as stimulate the economy.

How are Americans planning on spending stimulus check round two?

People have all kinds of plans for their stimulus checks. Some need to use the funds immediately to help cover bills or debts. Others have less immediate needs and plan on using their stimulus to increase their wealth.

A recent survey by Mizuho Securities found that 2 of 5 stimulus check recipients plan to invest part of their stimulus into stocks and digital currency. The survey polled 235 individuals. Assuming the responses are representative of the population, around $40 billion of the $380 billion to be delivered may be allocated into stocks and bitcoin.

This resulting inflow of funds into the marketplace and into digital currency may affect the movement of the markets. Some analysts believe this will help maintain a bullish trend, but ultimately, that remains to be seen. 

Talk to a ProVise CFP® professional about the stimulus check round two

Are you planning on using your stimulus check round two to grow your wealth through investing? Investing is a great way to grow your wealth and save for the future, but it is also easy to lose your money if you make a mistake. A financial professional can help you get the most out of your investments as part of your financial plan to help you reach your future goals.

At ProVise Management Group, our CERTIFIED FINANCIAL PLANNER® professionals can get to know you and your current financial circumstances, goals, risk tolerance and personal values to help you develop a plan that works for you. We can also create a written plan for you at a fiduciary standard of care. All our written plans come with an unconditional money-back guarantee. If you are unhappy with your written plan, you can return it to us, and we will refund 100% of the fee paid.

Are you ready to talk to a professional about the stimulus check round two? Contact ProVise today to schedule a complimentary consultation.