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42% of U.S. households saved their last stimulus check

WASHINGTON (Axios): More Americans are saving stimulus money this time around.

Details: Recipients without a college degree plan to use the funds to pay down debt.

Climb up the income scale and the likelihood that stimulus checks will be saved — not spent or put toward paying down debt — drops, according to the New York Fed.

The bottom line: “[T]he high levels of saving should facilitate more spending in the future,” researchers there say.

A word of caution for those expecting an immediate spending boom: There’s a “great deal of uncertainty … about the pace of this spending increase and the extent of pent-up demand.”