The federal government authorized numerous stimulus cheques during the COVID-19 pandemic. New data indicates that this funding, which went to millions of eligible Americans, had a significant and long-lasting impact on people’s financial life all around the nation.
According to data from the Federal Reserve, the total amount of cash Americans has on hand has significantly increased. What you need to know about people’s remaining extra money is here.
Americans have trillions of dollars in surplus money. In the fourth quarter of 2019, American families held a combined total of around $1 trillion in cash or cash equivalents, according to figures from the Federal Reserve.
How Did Stimulus Payments Assist Americans In Accumulating Such Wealth?
The total amount of stimulus checks distributed was approximately $1.5 trillion; therefore, the fact that Americans’ net worth has increased by a significant amount implies that many people used the money correctly to increase their net worth over time. Americans may have utilized the funds, for instance, to start businesses, acquire skills that increased their wages or invest in assets that offered a high return.
The good news is that state-level stimulus payments are still being made (although not on the federal level). This year, additional funding has been given to qualified people in nearly half of all U.S. states. This states that those who continue to spend this government money sensibly can perhaps contribute to keeping the total quantity of money in American checking accounts rising over time, according to the Nasdaq.
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