Australians will save stimulus payments

The larger part of the governments’ stimulus payments look set to go towards saving and repaying debt rather than a spending blitz.

According to a survey of 5,200 people conducted by Fujitsu Consulting, just under 70 per cent of people plan to save their payment or use it to cover debt.

Only 32 per cent of people said they intended to spend their stimulus payment, reflecting an increasing tendency towards more conservative spending habits. Of those who intend to spend the stimulus, 19 per cent said it would go towards essentials while just 13 per cent would use the money to treat themselves.