Household Pulse through June 2022: Gains for most but not all

The COVID-19 pandemic resulted in an unprecedented recession that impacted families’ financial positions. Based on recent JPMorgan Chase Institute research, our Household Finances Pulse leverages de-identified administrative banking data to analyze changes in cash balances during the COVID-19 pandemic and ongoing recovery.This release examines the path of household cash balances through the end of June 2022, giving us a look at liquid asset trends during the COVID-19 pandemic and associated government financial supports, through the months of advanced Child Tax Credit (CTC) payments and following their expiration . We compare cash balance trends across income and age distributions and between families who did and did not receive advanced CTC payments. Updated income quartiles incorporate three full calendar years of families’ incomes, and additions to our income findings provide further detail on balance distributions by income.