Many Americans are prioritizing investing as they receive their second stimulus check.
A recent Deutsche Bank survey revealed nearly half of 25-34 year-olds plan to invest half of their new stimulus check directly into the stock market. Similarly, 18-24 year-olds plan to invest 40% of their second stimulus checks.
Overall, 36% of Americans saved their first stimulus check.
With the end of the pandemic in sight, many Americans have shifted their focus toward building long-term safety nets. A Transunion survey found that 74% of people say saving has become more important since the onset of COVID-19.
Major banks believe Americans are using some of their newfound screen time to get educated on the stock market and are better understanding how it can benefit them.
Deutsche Bank believes the latest stimulus-sourced investments into the stock market will total between $25 billion and $150 billion, depending on how many new investors are created.
But many are still struggling to pay basic expenses. The Transunion report also showed 39% of middle to low-income consumers plan to spend their checks to pay current bills or loans.
Last year, 44% of all consumers reported relying on their first stimulus check to pay off bills and loans.