OMAHA, Neb. (WOWT) - Whether to spend or save a potential second stimulus payment is on the minds of millions of Americans.
Omaha financial advisor Jake Rehder with Egermier Wealth Management Group says the stimulus field is going to be polarizing.
“Here in the Midwest, it seems to be rooted in our DNA that we’re generally more conservative,” Rehder said. “We don’t spend quite as rigorously; the cost of living is generally lower here.”
Data from the Federal Reserve shows the personal savings rate started at 8 percent this year and now stands at 14 percent. Savings skyrocketed in April, peaking at 33%.
But as millions of Americans struggle to make ends meet, Rehder says whether to save or spend depends on your situation.
“There’s going to be a group of people who feel like we shouldn’t be doing stimulus, period. There’s another group of people who feel like 600 dollars isn’t enough.”
Many of viewers sounded off on the 6 news Facebook page about how to spend a second stimulus checks.
Viewer Mark Carl says he’ll save to pay taxes. Krystal Paulson tells us she’s getting caught up on bills. Others aren’t sure it’s going to help Americans still desperate for help. Shawn Watkins writes it’s too little too late for those who really need it.
“At the end of the day, there are people in the restaurant and hospitality business who are absolutely crushed,” Rehder said. “It’s so dependent on the world you live in and where you make your money.”
Rehder says personal savings rates are back to historical averages, according to data from the Federal Reserve. Rehder says that means Americans are generally more comfortable spending their money, based on the most recent data.
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