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2024 Annual Conference

May 21–23, 2024

Hyatt Regency Milwaukee, Milwaukee, WI, USA

IMPORTANT NOTICE: The date, time, and room assignment of YOUR presentation is SUBJECT TO CHANGE.

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C3a The Pandemic-Related Stimulus Payment and Financial Stress

Wednesday, May 22, 2024 at 10:45 AM–12:15 PM CDT
Room 3
Short Description

This paper examines the association between the pandemic-related stimulus payment and financial stress. We find that those who received the stimulus payment are slightly less likely to have high financial stress than those who did not. This article contributes to the existing research by finding that payment usage matters as it relates to financial stress. Using the payment for wealth accumulation purposes, such as paying down debts or adding the payment to savings, is negatively related to financial stress. However, using payment for consumption, such as making purchases or paying bills, is not statistically significantly associated with financial stress based on this study. The findings underscore the critical role of payment usage in recipients' financial stress. We propose that financial practitioners encourage their clients to use the payment for wealth accumulation purposes instead of unnecessary consumption. To help alleviate consumers' financial stress, policymakers may consider using some favorable payout policies to reframe the stimulus payment more like a regular paycheck, assisting consumers to save.

Type of presentation

Accepted Oral Presentation

Submitter

Yan Lu, texas tech university

Authors

Yan Lu, Texas Tech Univerity
Michael Guillemette, Texas Tech University
Chris Browning, Texas Tech University
Sonya Lutter, Texas Tech University
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