A survey of American households found that the child credit payments for children that were made monthly in the second quarter of 2021 to families that had been struggling to survive since the payments expired, was a much-needed relief.
A poll conducted by SaverLife, a nonprofit group that aims to help people build their personal savings, found that 92 percent of families said that the payments “made a difference” in improving their financial stability. Furthermore, 59 percent of families in the poll said the payments made a “huge difference” in their finances.
SavingsLife also found that 49% of Americans are more likely to pay their bills on-time, based on their polling data.
The organization noted that the payments have ceased. getting by more difficult for a huge portion of the American public — 32 percent of families have had a harder time paying for necessities, including utility bills, since the payments ended in December.
The poll also found that 26 percent of families believe that they will have a harder time paying for “everyday essentials” now that the payments have expired, while 25 percent said that being able to afford food will be more difficult. 19% of families believe they will have trouble paying for housing.
“A permanently expanded [child tax credit payment program] could create long-term economic mobility for families long struggling with low wages and inconsistent incomes,” the report from SaverLife concluded. “Monthly payments provide a consistent source of income, enabling families to keep food on the table, the lights on, and a roof over their heads.”
SaverLife’s findings Another study that was published earlier in the month seems to have been confirmed by these resultsThis study looked at how the U.S.’s exclusion of payments has affected children living in poverty. According to Columbia University’s Center on Poverty and Social Policy (CPSP), there has been a 41 per cent increase in childhood poverty. An additional 3.7 million children live in poverty now, compared to December.
Both studies indicate that reimplementing child tax credit payments could help to alleviate some of the financial burdens faced by low-income families, as both the Biden administration’s and progressives in Congress have suggested. However, it’s It is unlikely that this program will be reintroduced., as it faces opposition from right-wing Democrats like Sen. Joe Manchin (West Virginia), who has said that he won’t support reimplementing the program unless severe restrictions — like instituting work requirements and income caps — are included.
