If your household earns more than $75,000 a year, that next COVID-19 stimulus check would do more good for the economy going to lower-income families -- not you, a new study shows.

The reason is straightforward: The better-off tended to save their last stimulus payment, which didn't help businesses. But households with $25,000 or less annual income need cash to make ends meet -- and spent their checks, according to Harvard-based Opportunity Insight, a nonpartisan, nonprofit research organization.

“Low-income household have suffered by far the biggest economic shock,” John Friedman, an economics professor at Brown University and co-director of the group, told the Washington Post. “They need the help the most.”

So far, Americans have received two stimulus checks -- the first for $1,200, the second for $600. A third check is included in President Joe Biden’s $1.9 trillion coronavirus relief plan, expected to be passed by the House next week. The Senate also is expected to sign off on the package.

“Targeting the stimulus payments to lower-income households would both better support the households most in need and provide a large boost to the economy in the short run,” Friedman said. “These checks are really impactful for lower-income households.”

Consumer spending accounts for more than half of the value of all the country's goods and services in a year. Personal spending declined by about 0.4% in November after posting an increase of 1.5% in July, according to the latest Commerce Department statistics.

In December, Congress passed a bill that combined a $1.4 trillion spending measure with a $900 billion COVID-19 relief package. Some $120 billion supplements state unemployment insurance payments with an extra $300 a week through March 14. Individual taxpayers received a one-time direct payment of $600.

The CARES Act, a $2.2 trillion bill passed in March, had twice the benefits but expired in June.

stimulus check
Economic stimulus checks are prepared for printing at the Philadelphia Financial Center on May 8, 2008, in Philadelphia. Jeff Fusco/Getty Images