Tax Time: An opportunity to Start Small and Save Up
Author: CFPB - Consumer Financial Protection Bureau
Topic: Asset building and saving
Publisher: CFPB - Consumer Financial Protection Bureau
Location: United States
Format: Report
Content Type: Research
Publication Date: October 17, 2019

This paper provides a description of how having liquid savings contributes to people’s financial stability and resiliency, and the unique opportunity that tax time offers to begin saving for the short and longer term. Starting to save or continuing to save when receiving a tax refund may lead to longer term financial well-being. 

This paper also provides a few examples of how Volunteer Income Tax Assistance (VITA) programs creatively used Bureau tools, resources and technical assistance to encourage savings as well as some of the results they reported. It provides insights from a subgroup of the programs in the cohort that collected additional information from consumers on their intent to save, the various types of accounts into which they saved, and the goals they were striving for by saving. Finally, this paper offers recommendations on some strategies that can be employed to increase people’s interest and commitment to saving during the tax preparation process. 

Get It

You need to login or register to bookmark/favorite this content.

Related Tags