A recent survey has found that Americans with credit scores under 700 are nearly half as likely to save their stimulus money as those whose scores are above that number, and that fully 75 percent in the below-700 group plan to spend it immediately, reported Fast Company. The 200-person poll, undertaken by the Center for the New Middle Class, a think tank funded by a credit group, found that 25 percent of nonprime respondents said they were planning to save their payments, compared to 46 percent of those in the prime group. This makes sense, as those in the below-700 group also tended to have few to no bank savings and often live paycheck to paycheck.

What do Americans in both the nonprime and prime groups plan to buy once the money comes in? Mostly groceries (41 percent for nonprime, versus 28 percent for prime), rent or mortgage payments (31 percent versus 21 percent), gas for their cars (21 percent versus 11 percent) and utility bills (32 percent versus 15 percent). Spending categories less divided by credit score include credit card payments (25 for nonprime versus 23 percent for prime), Internet bills (both 18 percent), phone bills (17 percent versus 15 percent), and the cable bill (both 11 percent). The only category in which those with better credit said they were more likely to spend was car payments (12 percent nonprime versus 14 percent prime).

The survey calls to mind recent proposals by Republicans and certain Democrats to narrow eligibility for the next round of stimulus payments to those with lower salaries, a prospect to which President Biden said he is open.