Financial Health Dashboard
Through this dashboard we’ll periodically release resources that help paint a picture of our members’ financial health, the challenges they face, and recommendations to improve their financial health outcomes.
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
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.
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.
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.
Filing 2020 Taxes Is Critical
As of late May, 80% of SaverLife members have filed their taxes, meaning there are still 20% of members who have not. More than any other year, filing taxes for 2020 is critical.
Overcoming the Digital Divide
Lifeline is a federal program that provides discounts on internet access. 51% of members don’t know about it.