Not Everyone Received Child Tax Credit Payments
Only 54% of families reported receiving the full amount of Child Tax Credit payments they expected.
SaverLife Members Are Depositing Money, but They’re Not Building Wealth
Members are saving, but they’re not building wealth.
The Expanded Child and Dependent Child Care Credit
While a well-intentioned benefit, many families with lower-incomes can't afford paid childcare
Child Tax Credit Payments Are Keeping Savings Balances Stable
Despite rising costs, CTC payments are helping families keep a critical savings cushion.
Small Budgets + A More Expensive Holiday = A Tough Season for SaverLife Members
More than 80% of SaverLife members said holiday gifts are more expensive this year.
2021 Has Been an Expensive Year for SaverLife Members
SaverLife members have increased spending on necessities by as much as 49% since 2019.
Members Struggle to Reach Pre-Pandemic Employment Levels
The majority of the 20% unemployed say they were working prior to COVID, and they’re unable to find work now.
Member Employment Remains Stagnant
Why have so many more people reported their hours have been reduced? In September, we saw a 33% spike in members reporting their employer cut their hours versus pre-pandemic levels.
The Child Tax Credit is Keeping Families Afloat
SaverLife members are finding the Child Tax Credit payments impactful in covering day-to-day expenses.
Un- and Underemployment Increases from July 2021
In August, the percentage of SaverLife members who indicate they are working at pre-pandemic levels fell 14%.
Child Tax Credit Update: How Have SaverLife Members Spent Their Child Tax Credit Payments?
Of those who have received a Child Tax Credit payment, the majority say they plan to spend the money on immediate household necessities.
Child Tax Credit Update: Most SaverLife Parents Have Received Their Payments
Most SaverLife parents have received the Child Tax Credit, and those who haven’t believe that they will.
Grocery Spending for Snap Recipients Remains Elevated
SNAP recipients are spending 21% more on groceries than they were in 2019.
Withdrawals of $100+ Were Down 22% in May
This pattern is very similar to what we saw in 2020 when large cash infusions such as tax refunds, tax credits, and economic stimulus payments helped members bridge gaps in employment.
Restaurant Spending Trends Upward
Restaurant spending was more than 100% higher than at this point in 2020.
SaverLife Members Are Spending More on Transportation
The median spend on gas and automobile maintenance was nearly 100% higher than in May of 2020.
SaverLife Members Are Paying Off Credit Card Debt in 2021
Credit card payments are way up in 2021. Media payments per month in 2021 are 34% higher on average than they were in 2020.
Credit Card Balances Are Starting to Come Down
SaverLife member credit card balances came down after a few consecutive months of larger than normal payments.
Members Saving More Than $100 Continue to Drop
The percentage of members depositing $100+ is down since April.
May Savings and Spending
Only 50% of members increased balances in May 2021 as refund and stimulus payments are used to play catch up on everyday expenses.