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.
Why Financial Slack Is a Key Indicator of Financial Health
To help SaverLife members and millions of others like them, policymakers should focus on both sides of the ledger: income AND expenses. This will require a shift in mindset toward policymaking focused on household balance sheets instead of solely on macroeconomic indicators like Gross Domestic Product growth, the stock market, and the unemployment rate.
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.
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.