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In-depth: New numbers show how parents spent child tax credit refunds

Posted at 5:42 PM, Mar 29, 2022
and last updated 2022-03-29 19:42:04-04

SALT LAKE CITY — The first peek into how Utahns and Americans in general are spending their Child Tax Credit money just came down from the U.S. Census Bureau.

In the latest pulse survey, almost half of Utah parents who had received child credit dollars from their 2021 tax return said they used the money mostly to pay off debts. One-third of Utahns said they used it mostly to save money.

Looking at national results, just over two-thirds of the parents said they used the money mostly to pay off debt.

The surveyors asked parents who spent the money what they used it for. The percentages don’t add up to 100 because respondents could provide more than one response if they spent the money in several categories. Utahns were less likely to answer “food” and much more likely to answer “recreational goods” than their national counterparts.