Rapid Insights

 Research Briefs

Featured
Why Financial Slack Is a Key Indicator of Financial Health
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.

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The financial health of LMI households is in decline — here’s what we do
The financial health of LMI households is in decline — here’s what we do
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SaverLife Members’ Financial Health: 2023
SaverLife Members’ Financial Health: 2023
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Not Everyone Received Child Tax Credit Payments
Popular
Not Everyone Received Child Tax Credit Payments
Popular

Only 54% of families reported receiving the full amount of Child Tax Credit payments they expected.

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Popular
SaverLife Members Are Depositing Money, but They’re Not Building Wealth
Popular
SaverLife Members Are Depositing Money, but They’re Not Building Wealth
Popular

Members are saving, but they’re not building wealth.

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Popular
The Expanded Child and Dependent Child Care Credit
Most Popular Rapid Insights
The Expanded Child and Dependent Child Care Credit
Most Popular Rapid Insights

While a well-intentioned benefit, many families with lower-incomes can't afford paid childcare

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Most Popular Rapid Insights
Child Tax Credit Payments Are Keeping Savings Balances Stable
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Child Tax Credit Payments Are Keeping Savings Balances Stable
Popular

Despite rising costs, CTC payments are helping families keep a critical savings cushion.

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Small Budgets + A More Expensive Holiday = A Tough Season for SaverLife Members
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.

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2021 Has Been an Expensive Year for SaverLife Members
Spending
2021 Has Been an Expensive Year for SaverLife Members
Spending

SaverLife members have increased spending on necessities by as much as 49% since 2019.

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Spending
Members Struggle to Reach Pre-Pandemic Employment Levels
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.

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Member Employment Remains Stagnant
Employment, Popular
Member Employment Remains Stagnant
Employment, Popular

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.

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Employment, Popular
The Child Tax Credit is Keeping Families Afloat
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The Child Tax Credit is Keeping Families Afloat
Popular

SaverLife members are finding the Child Tax Credit payments impactful in covering day-to-day expenses.

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Popular
Un- and Underemployment Increases from July 2021
Employment, Popular
Un- and Underemployment Increases from July 2021
Employment, Popular

In August, the percentage of SaverLife members who indicate they are working at pre-pandemic levels fell 14%.

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Employment, Popular
Child Tax Credit Update: How Have SaverLife Members Spent Their Child Tax Credit Payments?
Parenting, Policy, Spending
Child Tax Credit Update: How Have SaverLife Members Spent Their Child Tax Credit Payments?
Parenting, Policy, Spending

Of those who have received a Child Tax Credit payment, the majority say they plan to spend the money on immediate household necessities.

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Parenting, Policy, Spending
Child Tax Credit Update: Most SaverLife Parents Have Received Their Payments
Parenting, Policy, Popular
Child Tax Credit Update: Most SaverLife Parents Have Received Their Payments
Parenting, Policy, Popular

Most SaverLife parents have received the Child Tax Credit, and those who haven’t believe that they will.

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Parenting, Policy, Popular
Grocery Spending for Snap Recipients Remains Elevated
Spending, Popular
Grocery Spending for Snap Recipients Remains Elevated
Spending, Popular

SNAP recipients are spending 21% more on groceries than they were in 2019.

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Spending, Popular
Withdrawals of $100+ Were Down 22% in May
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.

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Restaurant Spending Trends Upward
Spending
Restaurant Spending Trends Upward
Spending

Restaurant spending was more than 100% higher than at this point in 2020.

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Spending
SaverLife Members Are Spending More on Transportation
Spending
SaverLife Members Are Spending More on Transportation
Spending

The median spend on gas and automobile maintenance was nearly 100% higher than in May of 2020.

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Spending
SaverLife Members Are Paying Off Credit Card Debt in 2021
Credit
SaverLife Members Are Paying Off Credit Card Debt in 2021
Credit

Credit card payments are way up in 2021. Media payments per month in 2021 are 34% higher on average than they were in 2020.

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Credit
Credit Card Balances Are Starting to Come Down
Savings, Spending, Credit
Credit Card Balances Are Starting to Come Down
Savings, Spending, Credit

SaverLife member credit card balances came down after a few consecutive months of larger than normal payments.

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Savings, Spending, Credit
Members Saving More Than $100 Continue to Drop
Savings
Members Saving More Than $100 Continue to Drop
Savings

The percentage of members depositing $100+ is down since April.

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Savings
May Savings and Spending
Savings, Spending
May Savings and Spending
Savings, Spending

Only 50% of members increased balances in May 2021 as refund and stimulus payments are used to play catch up on everyday expenses.

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Savings, Spending
Filing 2020 Taxes Is Critical
Policy
Filing 2020 Taxes Is Critical
Policy

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.

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Policy
Overcoming the Digital Divide
Policy
Overcoming the Digital Divide
Policy

Lifeline is a federal program that provides discounts on internet access. 51% of members don’t know about it.

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Policy
May 2021 SaverLife Member Employment Update
Employment
May 2021 SaverLife Member Employment Update
Employment
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Employment
Credit Card Balances 32% Higher Than This Time Last Year
Credit
Credit Card Balances 32% Higher Than This Time Last Year
Credit
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Credit
April Saving & Spending: A Month of Catch Up
Savings, Spending
April Saving & Spending: A Month of Catch Up
Savings, Spending
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Savings, Spending
Thirty-Seven Percent of Members Had Withdrawals over $100 in April
Spending
Thirty-Seven Percent of Members Had Withdrawals over $100 in April
Spending
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Spending
April Savings Drops as Members Use Tax Refunds and Stimulus Payments to Play Catch Up
Savings
April Savings Drops as Members Use Tax Refunds and Stimulus Payments to Play Catch Up
Savings
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Savings
Featured
Changing lanes: How transportation costs intersect with the financial and life opportunities of people living on low-to-moderate incomes</span>
Changing lanes: How transportation costs intersect with the financial and life opportunities of people living on low-to-moderate incomes
Digital Marketing Drives Impact at Scale: How Growth Campaigns Can Improve Microentrepreneurs’ Financial Health
Digital Marketing Drives Impact at Scale: How Growth Campaigns Can Improve Microentrepreneurs’ Financial Health

SaverLife leveraged growth marketing strategies, custom content, and research to learn more about microentrepreneurs and help them along their path to financial stability. Through this approach, we recruited over 9,000 new members in 10 weeks and informed the financial health field and nonprofit sector on the systemic challenges facing microentrepreneurs.

Untangling the Personal and Professional: Microentrepreneurs' Financial Realities, Pain Points, and Aspirations
Untangling the Personal and Professional: Microentrepreneurs' Financial Realities, Pain Points, and Aspirations

There is a lack of financial tools and information that microentrepreneurs can access to improve their financial health. However, this creates an opportunity for the financial health and social sectors to develop targeted resources for microentrepreneurs that they can use to shore up their savings and achieve their business aspirations.

Impact Metrics for Emergency Savings Programs
Impact Metrics for Emergency Savings Programs

SaverLife partnered with Financial Health Network, Commonwealth, AARP Public Policy Group, and many more to create impact metrics that measure the effectiveness of short-term savings programs for people living with low to moderate incomes.

The Impact of the Enhanced Child Tax Credit on Lower Income Households
The Impact of the Enhanced Child Tax Credit on Lower Income Households

SaverLife, Commonwealth, and Neighborhood Trust followed up with CTC-eligible families, after they filed their 2021 tax returns, to learn what an expanded child tax credit would mean to them.

SaverLife Member Policy Agenda
SaverLife Member Policy Agenda

SaverLife identifies six major policies that members say would give them the ability and opportunity to save, establish financial stability, achieve resilience, and build wealth for generations to come.

SaverLife Boosts Overall Financial Health Through Savings
SaverLife Boosts Overall Financial Health Through Savings

Why and how SaverLife members are able to improve their financial health over time.

Accounting for Emergencies: The Relationship between Emergency and Retirement Savings
Accounting for Emergencies: The Relationship between Emergency and Retirement Savings

This research assesses members’ awareness and perceptions of the relationship between emergency savings and retirement savings.

The Expanded Child Tax Credit
The Expanded Child Tax Credit

An American Experiment in Financial Security: What We Learned and What Families Stand to Lose

The State of Savings
The State of Savings

This report features exclusive research on the savings behaviors of SaverLife members nationally and in three communities—Atlanta, Detroit, and Washington DC.

The Early Promise of the Child Tax Credit: Banking Data Indicates Increased Stability Through Savings
The Early Promise of the Child Tax Credit: Banking Data Indicates Increased Stability Through Savings

The early promise of the Child Tax Credit: banking data indicates increased stability through savings

Why Mission-Minded Fintechs May Be the Key to Closing the Savings Gap
Why Mission-Minded Fintechs May Be the Key to Closing the Savings Gap

SaverLife CEO, Leigh Phillips, published a paper in the Federal Reserve Bank of San Francisco’s Community Development Innovation Review

Missing Out on Crucial Child Tax Credit Relief: Who Is at Risk and Why
Missing Out on Crucial Child Tax Credit Relief: Who Is at Risk and Why

The expanded Child Tax Credit has the potential to end extreme poverty. But only if the help reaches families.

Low-to Moderate-Income Families are Losing ground: How to save their Homeownership Dreams
Low-to Moderate-Income Families are Losing ground: How to save their Homeownership Dreams
Piloting SaverLife as a Tool for Workplace Financial Wellness
Piloting SaverLife as a Tool for Workplace Financial Wellness

In 2019, the FINRA Investor Education Foundation and SaverLife began a collaboration to create a scalable and sustainable savings program for use by community nonprofit providers of workplace financial wellness programs.

Going it Alone: The Self-Employed Struggle to Navigate the COVID Financial Crisis and a Complex Government Response
Going it Alone: The Self-Employed Struggle to Navigate the COVID Financial Crisis and a Complex Government Response

How the pandemic has affected small businesses.

Financial Health Scores of Participants in the Red Tab Savers Program Shift Upward
Financial Health Scores of Participants in the Red Tab Savers Program Shift Upward

SaverLife members in the Red Tab Savers Program saw significant improvements in their Financial Health Score.

The Parent Trap: Work, School, and Parenting Are Putting Low-Income Parents In an Impossible Bind
The Parent Trap: Work, School, and Parenting Are Putting Low-Income Parents In an Impossible Bind

How the pandemic has impacted low-income parents of school-age children.

2020: And Yet, They Saved
2020: And Yet, They Saved

An overview of what SaverLife learned about our members in 2020.

The Simple Messaging Tool That Can Help People Save
The Simple Messaging Tool That Can Help People Save

How SaverLife implemented SMS messaging to help members jumpstart their savings.

Working Families Risk Losing Essential Credits this Year: Spread the Word
Working Families Risk Losing Essential Credits this Year: Spread the Word

Working families are facing a major financial loss⁠—the potential erosion of essential tax credits, like the Earned Income Tax Credit.

“We Choose Between Housing and Thriving.”
“We Choose Between Housing and Thriving.”

We present three stories that expose why housing policy is critical now and for the future.

Savings: A Little Can Make a Big Difference
Savings: A Little Can Make a Big Difference

The FINRA Foundation and SaverLife partnered to conduct a study on the role small amounts of savings play in shaping financial well-being.

Financial Health Leaders Lab: Boost Savings with Challenges and Empowering Messages
Financial Health Leaders Lab: Boost Savings with Challenges and Empowering Messages

This study examines the impact of our savings competition with prize-linked savings, motivational text messaging, and peer comparisons.

Communities on the Rise: Building Prosperity Together in Bluefield and Johnstown
Communities on the Rise: Building Prosperity Together in Bluefield and Johnstown

SaverLife partnered with Intuit to build a culture of savings in Johnstown and Bluefield.

A $500 Lifeline: Pandemic Cash Grants Help Low-Income Americans Survive a Summer of Uncertainty
A $500 Lifeline: Pandemic Cash Grants Help Low-Income Americans Survive a Summer of Uncertainty

The data indicates that cash grants had a stabilizing effect on families during the pandemic.

Racial Wealth Gap II: SaverLife Members Are Taking Action
Racial Wealth Gap II: SaverLife Members Are Taking Action

In the summer of 2020, we followed up with members to see if and how attitudes and perceptions of the racial wealth gap had changed following nationwide demonstrations for racial justice.

The Economic Toll of COVID-19 on SaverLife Members
The Economic Toll of COVID-19 on SaverLife Members

What SaverLife has learned from tracking the financial impact of COVID-19 on our members since for the first six months of the pandemic.

SaverLife Members' Take on the Racial Wealth Gap
SaverLife Members' Take on the Racial Wealth Gap

Liberation in a Generation & SaverLife partnered to understand how members are impacted by the racial wealth gap.

How Fines and Fees Impact Low-Income Californians
How Fines and Fees Impact Low-Income Californians

SaverLife analyzed the impact of fines and fees on low-income Californians.