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had immigrant parents Less likely to hear about the 2021 Extended Child Tax Credit (CTC) According to a recent study, compared to parents born in the United States Survey Organized by the Institute for Social Policy at Washington University in St. Louis and Appalachian State University. Survey data collected from December 2021 to January 2022 also showed that immigrant parents were less likely to receive credit than non-immigrant parents.
Among those who reported receiving credit, usage was similar between immigrant and nonimmigrant households. The parents used it to pay for day-to-day expenses, buy more food and essentials. Families also used the credit to increase emergency savings and pay down debt – activities that could put them in better financial shape as the pandemic subsides. In one difference, immigrant parents reported more likely than non-immigrant parents to use CTC for child investment costs, such as creating a college fund for their child (see figure).
US rescue plan temporarily Extension of CTC for 2021 – Including allowing eligible parents to receive half the credit as monthly payments from July to December. Before the first payment distribution, there were some concerns about access to credit for immigrant households.
For example, a California Studies found that being Hispanic and speaking Spanish at home had a higher risk of not getting a CTC. Data from our survey just before the payment went out showed that while 90 percent of US-born parents were aware of the extended CTC, only three-quarters of immigrant parents were aware of the credit. Our new data shows that about 74 percent of U.S.-born parents reported receiving monthly payments, compared to about 67 percent of immigrant parents.
When asked how they planned to use the CTC before payments began, immigrants were more likely to report using it to invest in their child’s education. Hiring Tutors and Investing in Children’s College Funds,
When payments were made, nearly half of immigrant parents reported that the advanced CTC helped them save for their children’s education, compared with a third of US-born parents. Nearly 30 percent of immigrant parents said they used the payment exclusively to start a college fund for their child, Immigrant parents were twice as likely to report using a CTC to transfer their child to a different school or to hire a tutor than US-born parents, although the share was relatively small in both cases. were – about 10 percent (not shown).
The temporary increase of CTC allowed parents to meet basic needs and generally raise finances. In the case of immigrant parents, it also seems to allow for additional educational investment in children.
Despite representing significant shares of frontline worker business During the COVID-19 pandemic, many immigrants were Excluded from initial pandemic support, Our findings indicate that allowing immigrant families to benefit from CTC payments helped these families, along with non-immigrant families, meet their short- and long-term financial needs, thereby improving the well-being of these families. and increased flexibility. their wider community.
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