New survey shows that 66% of Republicans and 63% of Democrats need another stimulus check.
Four in ten Americans want monthly checks until the pandemic ends.
NEW YORK — As the fight on Capitol Hill rages on, millions of Americans continue to wait for financial aid during the coronavirus pandemic. A new survey finds six in 10 people feel they won’t be able to make ends meet without more federal assistance. As Congress breaks for summer recess without reaching a deal, researchers find adults in both political parties agree consumers need another stimulus check to recover from COVID-19.
The latest survey by MagnifyMoney reveals 61 percent of the country needs another relief bill to pay for expenses. Over 80 percent of workers who have been laid off or furloughed due to COVID-19 are counting on more assistance. The poll of 1,010 Americans adds 71 percent of Generation X (ages 40 to 54) and 65 percent of millennials (ages 24 to 39) say they are currently in financial distress.
Despite an upcoming election, the pandemic is bringing America’s two major parties together on this issue. Researchers reveal 81 percent of Democrats and 78 percent of Republicans agree Congress needs to reach a deal on more stimulus payments.
Republicans are in slightly worse financial shape, with two-thirds saying they personally need another relief bill. Sixty-three percent of Democrats are hoping for more government assistance to make ends meet.
Despite the bipartisan support for more stimulus money, not everyone thinks this aid will reach the people most in need. Just under 60 percent of Republicans and 54 percent of Democrats are confident a second round of payments will go to those struggling the most.
How would a second stimulus check be used?
While a lot depends on how COVID-19 is affecting your working situation, the survey finds many respondents are planning to save a second relief payment. Nearly seven in 10 men and 45 percent of women reveal they would save at least a part of a new stimulus check.
The survey shows that females outnumber males in saying they plan to use this cash to pay day-to-day bills. Women outpace men in saying they would use new relief payments to pay for groceries (31% to 20%), bills (35% to 19%), and the rent or mortgage (24% to 15%).
With the crisis now entering the fall, respondents are changing their minds on how big these payments should be. A MagnifyMoney survey in March, at the start of the pandemic, found only 39 percent of Americans thought $1,200 was too small for a stimulus payment. Now, 48 percent believe a new deal must include a bigger stimulus check for taxpayers.
Surprisingly, more people making over $100,000 a year believe another relief payment should be larger compared to respondents making under $35,000.
Keep the checks coming
A majority of Americans agree a new coronavirus relief bill needs one thing: multiple stimulus checks. Four in 10 want to see monthly stimulus checks until the pandemic ends. Another 19 percent say there should be at least two payments to taxpayers in the next deal.
So how much would these payments really help Americans? One in four people say another round of financial aid will relieve all of their current money troubles. The only question now is: when will Congress make a deal?
The survey was conducted from July 24-26, 2020.