Study: Boomer checks to go toward bills

CHARLESTOWN, Mass. According to a new study by baby boomer social network Eons.com, 60% of the more than 700 members surveyed said that they planned to save their rebate checks, use it to pay bills, or spend it on food and gas. Only 18% said they would spend the money on consumer goods, travel or entertainment.

"The baby boomer generation, 78 million strong, is often regarded as the generation with the most disposable income. It was surprising for us to learn that our members, like so many other consumers, are planning to save their rebate checks rather than spend them," said Jeff Taylor, Eons.com founder and ceo.

Out of those surveyed, 27.8% said they would use the rebate check to pay bills, this was followed by 17% who said they would spend it on necessities. Spending the check on items such as a flat screen TV or iPod was considered by only 7.6% of those surveyed.