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Tax Time: An opportunity to Start Small and Save Up
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The Consumer Financial Protection Bureau’s continuing effort to encourage saving at tax time is now part of a larger Bureau initiative to support people in building liquid savings. The new initiative is called Start Small, Save Up. The vision for Start Small, Save Up is to increase people’s financial well-being through education, partnerships, research, and policy or regulatory improvements that increase people's opportunities to save and empower them to realize their personal savings goals.

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.

Author: CFPB - Consumer Financial Protection Bureau
Topic: Asset building and saving, Tax filing and benefits
Publisher: CFPB - Consumer Financial Protection Bureau
Location: United States
Format: Report
Content Type: Research
Publication Date: October 31, 2019