A large portion of those who qualified for the payments are expected to use some of that money for food purchases, whether it be groceries or going to a restaurant or ordering take-out, according to the Census Bureau’s Household Pulse Survey.
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Those who responded were allowed to choose multiple categories regarding what and how they expect to spend that money. The majority indicated that those checks would be used for food, household supplies or personal care products or utility payments.
The survey found that roughly 59% of Ohioans who have or will receive stimulus checks would spend a portion of it on food, while 47% would use some of it for supplies or personal care items and 44% would use it for utilities.
Almost 30% indicated that money would go towards paying debt, such as paying off credit cards or student loans.
More than 20% are expected to use some of the stimulus money for expenses such as rent or for mortgage payments. Others plan to invest that money or deposit it in savings accounts.
About 19% expect to use some of the money for clothing. While less than 10 percent are expected to use it to make charitable donations or give it to family members.
Nationwide the Census Bureau’s survey collected the week of June 11-16 found that more than 85 percent of respondents had received a stimulus check or expected someone in their household to get a check, according to a bureau news release.
Another round of stimulus checks was included in a bill passed by the U.S. House of Representatives. But the U.S. Senate has not yet considered that bill.
In Clark County, the coronavirus pandemic has had an immediate economic impact with the area seeing a record number of claims being filed for unemployment benefits, following state and nationwide trends at the time.
Employment within Clark County also dropped to its lowest level in April when compared to federal labor data collected over the last 30 years.
However, the unemployment rate decreased from 17.4% in April to 12.4% in May as Ohio began reopening parts of its economy.
The nature of the pandemic has also caused a lot of uncertainty regarding how it will impact consumer confidence in the months to come, even as some business see a gradual return of customers, said Horton Hobbs, the vice president of economic development for the Chamber of Greater Springfield.
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Springfield resident Richard Eichie said that he and his wife have not been impacted financially by the pandemic.
Eichie, who works at Assurant, said he was able to work virtually. The couple received their stimulus money and both decided to put it into a savings account.
“I have never seen anything like this before. We live in very uncertain times,” he said of the pandemic.
Eichie added that the pandemic has prompted him to think about looking at additional sources of income given the impact that it has had on the economy.
Another Springfield resident Derrick Humphrey, who runs a social media solutions company as well as an online apparel store, said that his family was spared financially during the pandemic.
Both he and his wife were able to work virtually. He said that they have also received their stimulus payments.
Humphrey said they have saved it so far and plan on using that money towards a down payment as they are in the process of closing on a house in Kettering.
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