Families Are Spending Child Tax Credit Payments as Soon as They Get the Money, New Poll Shows
By:
Brad Tuttle
Brad Tuttle
Senior Editor | Joined January 2014
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Nobody is saving their monthly child tax credit payments.
In mid-July, the IRS began sending eligible parents a series of six monthly advance child tax credit payments worth up to $300 per child. According to a new poll from Morning Consult, families are spending virtually all of the money rather than allocating much if any of it for savings.
"Parents living with children under 18 showed no increase in leftover income after paying household expenses in July compared with the average over the previous two months, despite the extra influx from the tax credit," the Morning Consult report states.
