Households have set aside an average 42% of the latest round of federal relief checks for savings, rather than immediate expenditure, a survey by the Federal Reserve Bank of New York has found. The reported savings are slightly higher than those from previous checks, but the survey notes lower-income households are likely to use more of the relief money for spending.
Sign up for CPA Letter Daily
The latest CPA news
Get the intelligence you need: news and information that is changing your industry today, hand-curated by our professional editors from thousands of sources and delivered straight to your inbox.