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May 14, 2008

Survey: Mainers frugal with stimulus checks

More than half of Maine residents receiving federal economic stimulus checks plan to save the money or use it to pay bills, while only 24% said they would spend it, according to a new survey by Market Decisions.

In the telephone poll of 404 Mainers, 33% said they would save the money, and the same percentage said they plan to use it to pay bills, according to the survey from the Portland-based research firm. Of the 24% who plan to spend the money, only 17% said they would spend it on a discretionary consumer item, such as clothes, jewelry and vacations.

The federal government already has begun distributing $110 billion in stimulus checks with the hopes of jumpstarting the sagging economy. In Maine, roughly 750,000 individuals and couples are expected to receive more than $500 million in stimulus checks, according to the Associated Press.

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