Survey: Americans are using their stimulus checks to save and pay off debt rather than just spending it all

National News

In this file photo, Economic stimulus checks are prepared for printing at the Philadelphia Financial Center May 8, 2008 in Philadelphia, Pennsylvania. (Photo by Jeff Fusco/Getty Images)

(AP) — Americans are proving remarkably reliable in how they are spending their federal stimulus payments.

The New York Federal Reserve released a study this week that showed Americans are using most of the money for paying down debt and for savings, with a smaller portion going to actual spending.

According to the report, households, on average, are using or plan to use about 41.6% of the latest relief payment toward savings, 33.7% toward debt and 24.7% for spending.

The percentage for each category has stayed relatively stable for each of the three rounds of payments.

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