Washington, DC

Washington, DC SaverLife members have steadier incomes, save more consistently, and routinely outpace the national average in their ability to make significant savings gains.

In 2021, a greater percentage of Washington, DC members have increased their savings balance versus national averages in eight out of nine months.

WHAT’S WORKING

Job Quality

Washington, DC members have very similar demographic characteristics to their national counterparts. However, in digging deeper on the makeup of their work, the fact that...

Steady Income

Beyond savings, steady income is likely helping Washington, DC members stay more current on bills. For example, SaverLife members often use infusions of cash like tax refunds to catch up on utility bills. Nationally, we see spending on utilities increase by 11% when members receive tax refunds, but for Washington, DC members the increase in utility spending jumps 46%, meaning they are likely using the extra income to pay off bigger debts.

WHAT’S NOT WORKING

Debt

Washington, DC members are 5% more likely to say they have more debt than they can manage, 19% more likely to say they have a poor credit score, and 12% more likely than the national average to say paying off consumer credit (i.e. non-mortgage, non-student loan debt) would take them more than five years.