The Child Tax Credit: Lifting Families Out of Poverty

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In July, expanded Child Tax Credit (CTC) payments reached millions of families across the country. Here at SaverLife, we see firsthand what a difference it has made. The families we work with every day tell us how the expanded CTC means more food on the table, help with childcare, and the ability to save for the future. We see how enhanced tax credits lead to better financial outcomes for families. 

This is why we celebrate the Build Back Better framework, which expands the CTC for another year. While it represents a victory for children and families nationwide, there remains much to be done. Read more in our statement here, and join us.

INSIGHTS

SaverLife partners with nonprofits, industry experts, and policy makers to bring real-world perspectives to financial inequity. Read more below about how we are supporting families and advocating for the continuation of the expanded Child Tax Credit.

PRESS

SaverLife unearths rich insights into the financial lives of members. Read more below about our research, insights, and experiences of families across the country with the expanded Child Tax Credit.

FOR FAMILIES

SaverLife is working to ensure that everyone who is eligible to receive these crucial funds has the tools and knowledge to claim the money. Read more in our One-Stop Guide.

INSIGHTS

SaverLife closely observes households’ experiences with applying for and receiving the Child Tax Credit, and how families can use these funds toward financial stability by replenishing and building savings. We also collaborate with partners to help them rapidly answer research questions.

The Expanded Child Tax Credit - What We Learned and What Families Stand to Lose (Feb 2022)

SaverLife has tracked the impact of Child Tax Credit payments on families through bank account data, surveys, and interviews. Our new report explores how these payments impacted families and what these families will lose without them.



 
 

For more information on our research, partnership opportunities, or to connect with one of our spokespeople or members, contact us.

About SaverLife Members

SaverLife households are typically new savers and have monthly expenses that exceed their income. Our households make 80% or less than area median income, earning an average income of $25,000. Over 80% are women, 65% are single parents, 60% identify as a person of color, and 85% do not have a college degree. They rely on multiple sources of income to get by and often lack access to the levers that build wealth. SaverLife reaches 600,000 members across all 50 states. Approximately 15,000 new members join SaverLife each month.

Sign up for emails to stay up to date on our rapid insights.

 
 

FOR FAMILIES

SaverLife is working to ensure that everyone who is eligible to receive these crucial funds has the tools and knowledge to claim the money.

Did You Receive a Child Tax Credit Payment?

Tell us your story of how the Child Tax Credit has impacted you! Your submission will be confidential and will not be shared without your permission.

 
 

 Read more about our work in our One Stop Guide to the Child Tax Credit.

 
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“I found out about the CTC through SaverLife... I didn’t know the amount [of the CTC] had gone up until I read it on your website."-SaverLife member Marci C., Arizona

“I found out about the CTC through SaverLife... I didn’t know the amount [of the CTC] had gone up until I read it on your website."

-SaverLife member Marci C., Arizona

 

PRESS

SaverLife frequently publishes and shares the experiences of families across the country (through transactional data analysis, surveys, community forums, and storytelling) to elevate the impact of the CTC on their economic security with policymakers, the media, and key stakeholders.

Bloomberg spokes with Director of Public Policy Radha Seshagiri and a SaverLife member.

Bloomberg spokes with Director of Public Policy Radha Seshagiri and a SaverLife member.

SaverLife Director of Public Policy Radha Seshagiri appeared on Yahoo! Finance to discuss how Child Tax Credit payments impacted our members.

SaverLife Director of Public Policy Radha Seshagiri appeared on Yahoo! Finance to discuss how Child Tax Credit payments impacted our members.

CNBC cited SaverLife's CTC impact report to understand how families are struggling without the payments.

CNBC cited SaverLife's CTC impact report to understand how families are struggling without the payments.

SaverLife research found that nearly a quarter of parents with dependent children still don't know if they’re eligible for the expanded child tax credit payments.

SaverLife research found that nearly a quarter of parents with dependent children still don't know if they’re eligible for the expanded child tax credit payments.

Radha Seshagiri, director of public policy and systems change at SaverLife, joined Cheddar Politics to discuss the Child Tax Credit.

Radha Seshagiri, director of public policy and systems change at SaverLife, joined Cheddar Politics to discuss the Child Tax Credit.

As a result of these monthly payments, parents getting CTC funds were 33% more likely to add $100 to their savings, according to data from SaverLife.

As a result of these monthly payments, parents getting CTC funds were 33% more likely to add $100 to their savings, according to data from SaverLife.