How Will South Dakotans Spend Their Stimulus Checks?
Wednesday was a day that many celebrated as Saint Patrick's Day. But some also celebrated in conjunction with the Irish holiday that they had finally received their third awaited stimulus checks.
Several banks according to Dakota News Now, said that on Wednesday, March 17, 2021, is when they received the government stimulus payments, and thus why they were able to give out the money to their customers on that day.
So what will South Dakotans spend their newly received government funds on? That decision comes down to each head of household according to University of South Dakota associate professor Kathryn Birkeland says:
“When we think about the effects of the Stimulus payments there is a couple of things to consider, we have to consider the timing and the type of payments, who the payments went to, and whether they were able to be spent immediately or not,” said Birkeland to Dakota News Now.
Financial councilor Dawson Muska of Lutheran Social Services also said that “It’s a unique opportunity for a lot of folks that we see, they don’t really have this large chunk of change in their day to day lives and so when they come in maybe they have $3,000 to $5,000 and they’re just like gosh what do we do with these funds.”
Of course, some South Dakotans will be paying off some bills or debt naturally with the stimulus funds. But what may be different for this stimulus check payment, is that according to Yahoo! Finance "a new survey out of Mizuho Securities on Monday (March 15) estimates that 10%, or nearly $40 billion of the $380 billion in direct stimulus checks, may be used to purchase bitcoin and stocks."
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