In an April 2020 consumer study, Kasasa revealed how consumers plan to use their coronavirus stimulus checks. While household expenses and necessities remain a top priority for many consumers, saving is still of interest. The survey found that over one-quarter (27%) of consumers plan to put their stimulus check in savings accounts.
“To say that we’re in unchartered territory would be an understatement”
Meanwhile, 31% of consumers will make payments towards bills like utilities and insurance and 25% of consumers will use it to cover day to day necessities. The 2020 study was conducted online by The Harris Poll on behalf of Kasasa, garnering responses from 1,038 U.S. adults ages 18 and older.
“To say that we’re in unchartered territory would be an understatement,” said Gabe Krajicek, CEO of Kasasa. “The current pandemic has created a hardship for many individuals, prompting measures like the $2 trillion economic relief package to help offset losses. While some consumers plan to use their stimulus checks on needed expenses, our recent survey shows that many are saving that money, perhaps because they do not need it now or they’re planning to use it later if needed.”
Data from Google Trends further proves consumers’ desire to save. Searches for “open bank account online” maintained its high volume in April, with the highest search demand Google has ever seen for this search term. In addition, searches for “open checking account online” saw a sharp increase to its highest search demand since June 2018.