What the research shows is a distinct difference in spending trends from summer of 2020, when government stimulus checks drove a spike in discretionary spending, Parsons said.
Now, the child tax credit check recipients are more likely to use the money to pay their credit cards, insurance, mortgages or rent, he said. However, the second check that went out in August showed an increase in investing activity. To be sure, because the data comes from consumer accounts at financial institutions, those individuals may be more inclined to invest the funds compared to other child tax credit payment recipients.The IRS announced on Sept. 15 that it had deployed about $15 billion in advance monthly payments to approximately 35 million families. Additional payments are scheduled for Oct. 15, Nov. 15 and Dec. 15.
The monthly payments are set to expire at the end of this year, unless Congress extends the program. House Democrats have proposed continuing the expanded child tax credit and monthly payments through 2025.
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