New study shows how Virginians are using the Child Tax Credit
A new study released this week by the Annie E. Casey Foundation in partnership with the Social Policy Institute at Washington University in St. Louis examined how Virginians are using their Child Tax Credit to care for their families.
The study features key data on recipients, payment usage and hardship, and food security reduction in Virginia. Among the key findings:
- 37 percent of Virginia families reported mostly using their CTC to pay down debt, 32 percent mostly spent their CTC, and 31 percent mostly saved it.
- The most common uses of the CTC payments among Virginia families were purchasing food for their family (51 percent), managing bills (34 percent), and paying their rent/mortgage (29 percent).
- Eligible Virginia families experienced lower rates of food insecurity, trouble with bills, and difficulty with housing payments after CTC payments went out.
The dates of the study cover the period between July 21 and Aug. 16, in which the first two CTC payments were deposited in families’ bank accounts.
You can find the full Virginia report here.