The U.S. government passed the largest piece of stimulus legislation in our nation’s history to allow people to keep paying their bills during the forced economic shutdowns due to the coronavirus.
Consumers, in turn, used a lot of that money to speculate in the stock market.
Securities trading was among the most common uses for the government stimulus checks in nearly every income bracket, according to software and data aggregation company Envestnet Yodlee. For many consumers, trading was the second or third most common use for the funds, behind only increasing savings and cash withdrawals, the data showed.
Yodlee tracked spending habits of Americans starting in early March and found…