Financial experts anticipate more Americans will actually spend stimulus money

Mar 12, 2021, 1:22 PM
currency manipulators, FEMA assistance...
(PHOTO: Getty Images)
(PHOTO: Getty Images)

SALT LAKE CITY, Utah — Financial experts anticipate more Americans will actually spend the money they receive in the latest round of stimulus payments.

Financial experts predict more spending, less saving

Many Utahns who received the first two stimulus deposits opted to keep that money in the bank, according to Shane Stewart with DMBA.

“We heard that a lot of people were just saving it,” he explained. “They either didn’t need it or felt they were OK. Maybe even saving it for a rainy day not knowing what the future held.”

He’s anticipating a different mindset this time, considering Utah’s vaccine rollout is moving quickly and many people are expecting to spend more time away from home soon.

“Vaccinations are becoming more prevalent, so there’s some light at the end of the tunnel. At least some hope there,” said Stewart.

Any impact on tax season?

One of the more frequently asked questions about the stimulus payment is whether it will impact tax filings. Stewart says just like the previous two payments, it will have no impact since the deposits are not considered personal income.

“One thing that people need to understand is that this is a stimulus package,” he stated. “They don’t expect you to pay it back and they don’t expect you to treat it as income.”

When looking at the state as a whole, Stewart says Utah’s economy has emerged from the last year of the pandemic in good shape and it will only be bolstered by many residents receiving a third stimulus payment.

“The hope is that we’ll all go out and spend that on these local, small businesses,” he said. 

White House Press Secretary Jen Psaki has indicated some Americans may receive their new $1,400 coronavirus stimulus checks as soon as this weekend. It comes after President Joe Biden officially signed the $1.9 trillion COVID relief bill earlier this week.

Today’s Top Stories


Herbert Cox statement Reyes election lawsuit...
Mark Jones

State of Utah files lawsuit against pharmaceutical retailers

Three pharmaceutical retailers are facing a lawsuit from the State of Utah. The lawsuit was filed the week of July 1.
4 days ago
This June 20, 2017, photo provided by Chris Wonderly shows Hovenweep Castle at Hovenweep National M...
Curt Gresseth

Supreme Court widens state power over tribes. What does it mean for Utah?

The director of the Utah Division of Indian Affairs discusses the recent US Supreme Court ruling and what it means for tribes in Utah.
5 days ago
Ketanji Brown Jackson takes the oath for the Supreme Court....
MARK SHERMAN Associated Press

Jackson sworn in, becomes 1st Black woman on Supreme Court

Judge Ketanji Brown Jackson, 51, will be sworn as the court's 116th justice Thursday, just as the man she is replacing, Justice Stephen Breyer, retires.
5 days ago
Immigration activists rally outside the US Supreme Court in Washington, DC on April 26. Photo credi...
Tierney Sneed and Priscilla Alvarez, CNN

Supreme Court says Biden can end Trump-era ‘Remain in Mexico’ immigration policy

The Supreme Court on Thursday gave President Joe Biden the green light to end the controversial "Remain in Mexico" immigration policy.
5 days ago
The Supreme Court is pictured. The court just limited the EPA...
MARK SHERMAN Associated Press

Supreme Court limits EPA in curbing power plant emissions

The Supreme Court on Thursday limited how the nation's main anti-air pollution law can be used to reduce carbon dioxide emissions from power plants.
5 days ago
President Joe Biden speaks during a news conference on the final day of the NATO summit in Madrid, ...

Biden says transatlantic alliance has adapted to new threats

Biden's comments came at a press conference in Madrid at the conclusion of the annual meeting of NATO leaders and after he attended a summit with the Group of Seven advanced democratic economies in the Bavarian Alps.
5 days ago

Sponsored Articles

Tax Harassment...
Jordan Wilcox

The best strategies for dealing with IRS tax harassment | You have options!

Learn how to deal with IRS tax harassment. This guide will teach you how to stop IRS phone calls and letters, and how to handle an IRS audit.
spend a day at Bear Lake...
Bear Lake Convention and Visitors Bureau

You’ll love spending the day at Bear Lake | How to spend a day at Bear Lake

Bear Lake is a place that needs to be experienced. Spend a day at Bear Lake.
Curb Appeal...
Price's Guaranteed Doors

How to have the best of both worlds for your house | Home security and curb appeal

Protect your home and improve its curb appeal with the latest security solutions like beautiful garage doors and increased security systems.
Prescription opioids can be disposed of during National Prescription Take Back Day...
Know Your Script

Prescription opioid misuse | How to protect your family from the opioid epidemic

Studies have shown that prescription opioid misuse has increased since COVID-19. So what do you need to know about these opioids?
national heart month...
Intermountain Healthcare

National Heart Month: 5 Lifestyle Changes to Make Today to Keep You Heart Healthy

Heart disease is the leading cause of death for both men and women. One person dies every 36 seconds in the United States from cardiovascular disease
Joseph Smith Memorial Building...
Temple Square

The Joseph Smith Memorial Building is an icon of Salt Lake City | Why hosting an event at this beautiful location will make you a hero this year

Here's why hosting an event at the iconic Joseph Smith Memorial Building in downtown Salt Lake City will make you a hero this year.
Financial experts anticipate more Americans will actually spend stimulus money