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.
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.