Stimulus money goes on card debts

According to a survey by St George Bank, more than half of taxpayers who are due to receive economic stimulus payments of up to $900 from the federal government will use the money to pay down debts according to a survey by St George Bank.

Approximately 35% said they will pay down credit cards and personal debt, while nine per cent will put the money towards mortgage payments. Forty two per cent said they will be spending all or part of the payment. The survey indicated that women are more likely than men to save the money.

"What's particularly interesting is the difference between the spending intentions of men and women, with men appearing to be much more eager to take the opportunity to inject money into the economy, while women appear to perhaps be more prudent in planning their own personal finances," St George spokesman Andrew Moore said.