Stimulus checks: Save it or spend it, Americans say the money won't last long

As the U.S. marks a year since the coronavirus shuttered the economy, households are getting a fresh infusion of financial hope as the IRS begins distributing more than 100 million stimulus checks this week. Yet Americans who continue to struggle financially fear the additional cash may only tide them over for a month or two

The IRS will send a total of $422 billion in stimulus checks over the next several weeks, part of President Joe Biden's $1.9 trillion American Rescue Plan signed into law earlier this month. It comes as the American economic recovery diverges between upper-income households that have largely weathered the crisis intact because of their ability to work safely from home and lower-income families that are more likely to still be struggling with joblessness or reduced income in service jobs that require them to work directly with the public.  Some middle- and upper-income households that received the checks will likely put the money into savings, investments or splurge on a new item, such as a video console or a bike. But adults who have been buffeted by the pandemic told CBS MoneyWatch they plan to immediately use the money for basic expenses, such as covering the mortgage, car payments and utilities.