The Financial Diaries

How American Families Cope in a World of Uncertainty

Author: Jonathan Morduch,Rachel Schneider

Publisher: Princeton University Press

ISBN: 1400884594

Category: Business & Economics

Page: 248

View: 8478

What the financial diaries of working-class families reveal about economic stresses, why they happen, and what policies might reduce them Deep within the American Dream lies the belief that hard work and steady saving will ensure a comfortable retirement and a better life for one's children. But in a nation experiencing unprecedented prosperity, even for many families who seem to be doing everything right, this ideal is still out of reach. In The Financial Diaries, Jonathan Morduch and Rachel Schneider draw on the groundbreaking U.S. Financial Diaries, which follow the lives of 235 low- and middle-income families as they navigate through a year. Through the Diaries, Morduch and Schneider challenge popular assumptions about how Americans earn, spend, borrow, and save—and they identify the true causes of distress and inequality for many working Americans. We meet real people, ranging from a casino dealer to a street vendor to a tax preparer, who open up their lives and illustrate a world of financial uncertainty in which even limited financial success requires imaginative—and often costly—coping strategies. Morduch and Schneider detail what families are doing to help themselves and describe new policies and technologies that will improve stability for those who need it most. Combining hard facts with personal stories, The Financial Diaries presents an unparalleled inside look at the economic stresses of today's families and offers powerful, fresh ideas for solving them.

The Financial Diaries

How American Families Cope in a World of Uncertainty

Author: Jonathan Morduch,Rachel Schneider

Publisher: Princeton University Press

ISBN: 0691172986

Category: Business & Economics

Page: 233

View: 6847

Drawing on the groundbreaking U.S. Financial Diaries project (http://www.usfinancialdiaries.org/), which follows the lives of 235 low- and middle-income families as they navigate through a year, the authors challenge popular assumptions about how Americans earn, spend, borrow, and save-- and they identify the true causes of distress and inequality for many working Americans.

The Financial Diaries

How American Families Cope in a World of Uncertainty

Author: Jonathan Morduch,Rachel Schneider

Publisher: N.A

ISBN: 9780691183145

Category: Business & Economics

Page: 56

View: 6289

The ideal of the American Dream seems increasingly out of reach, even for many families who are trying to do everything right. To find out why, Jonathan Morduch and Rachel Schneider followed 235 low- and middle-income families as they navigated a year of ups and downs. Through the groundbreaking US Financial Diaries project, we meet real people, from a casino dealer to a street vendor to a tax preparer, who open up their lives and reveal a world of financial uncertainty. For these families, even limited financial success requires imaginative--and often costly--coping strategies: forming saving clubs, borrowing from relatives, strategizing about skipping bills, and devising ways to keep money just out of easy reach. In The Financial Diaries, Morduch and Schneider challenge popular assumptions about how Americans earn, spend, borrow, and save. This book uncovers deeper causes of distress and inequality, starkly illustrating how changes in America have placed too much risk on the wrong shoulders. The authors describe new tools and policies--from fin tech apps that help people manage money to laws that guarantee predictable hours--that will improve stability for those who need it most.

Banking the World

Empirical Foundations of Financial Inclusion

Author: Robert Cull,Robert J. Cull,Aslı Demirgüç-Kunt,Jonathan Morduch

Publisher: MIT Press

ISBN: 026201842X

Category: Business & Economics

Page: 511

View: 8392

Experts report on the latest research on extending access to financial services to the 2.5 billion adults around the world who lack it. About 2.5 billion adults, just over half the world's adult population, lack bank accounts. If we are to realize the goal of extending banking and other financial services to this vast "unbanked" population, we need to consider not only such product innovations as microfinance and mobile banking but also issues of data accuracy, impact assessment, risk mitigation, technology adaptation, financial literacy, and local context. In Banking the World, experts take up these topics, reporting on new research that will guide both policy makers and scholars in a broader push to extend financial markets. The contributors consider such topics as the complexity of surveying people about their use of financial services; evidence of the impact of financial services on income; the occasional negative effects of financial services on poor households, including disincentives to work and overindebtedness; and tools for improving access such as nontraditional credit scores, financial incentives for banking, and identification technologies that can dramatically reduce loan default rates.

No Slack

The Financial Lives of Low-Income Americans

Author: Michael S. Barr

Publisher: Brookings Institution Press

ISBN: 0815722346

Category: Business & Economics

Page: 294

View: 8178

The financial crisis exposed the potentially unsavory results of the interaction between low- and moderate income households and alternative and mainstream financial institutions. Many households were overleveraged or paid high costs for financial services, while others lacked access to useful financial products that can cushion against economic instability. The financial services system is not well designed to serve low- and moderate-income households, leaving them without financial slack: they did not have adequate breathing room for making the financial adjustments that would permit them to better meet their own needs. No Slack shows us why these families were the least prepared to handle the shock of the deep recession. This pivotal analysis focuses on the Detroit metropolitan area's low- and moderate-income neighborhoods, which are similar to those of other Rust Belt communities. The Detroit Area Household Financial Services study—conducted at the height of the subprime lending boom—examines these households' decisionmaking processes, behaviors, and attitudes toward a full range of financial transactions. No Slack reveals widespread problems in home mortgage lending, the common threads among people who file for bankruptcy, the reasons so many households are unbanked, and how behaviorally informed financial regulation can make the market work better. Drawing on his deep policy experience, Michael Barr advocates helping families seek financial stability in three primary ways: enhancing individuals' financial capability, using technology to promote access to financial products and services that meet their needs, and establishing strong protections for consumers.

Love, Money, and Parenting

How Economics Explains the Way We Raise Our Kids

Author: Matthias Doepke,Fabrizio Zilibotti

Publisher: Princeton University Press

ISBN: 0691184216

Category: Social Science

Page: N.A

View: 7886

An international and historical look at how parenting choices change in the face of economic inequality Parents everywhere want their children to be happy and do well. Yet how parents seek to achieve this ambition varies enormously. For instance, American and Chinese parents are increasingly authoritative and authoritarian, whereas Scandinavian parents tend to be more permissive. Why? Love, Money, and Parenting investigates how economic forces and growing inequality shape how parents raise their children. From medieval times to the present, and from the United States, the United Kingdom, Germany, Italy, Spain, and Sweden to China and Japan, Matthias Doepke and Fabrizio Zilibotti look at how economic incentives and constraints—such as money, knowledge, and time—influence parenting practices and what is considered good parenting in different countries. Through personal anecdotes and original research, Doepke and Zilibotti show that in countries with increasing economic inequality, such as the United States, parents push harder to ensure their children have a path to security and success. Economics has transformed the hands-off parenting of the 1960s and ’70s into a frantic, overscheduled activity. Growing inequality has also resulted in an increasing “parenting gap” between richer and poorer families, raising the disturbing prospect of diminished social mobility and fewer opportunities for children from disadvantaged backgrounds. In nations with less economic inequality, such as Sweden, the stakes are less high, and social mobility is not under threat. Doepke and Zilibotti discuss how investments in early childhood development and the design of education systems factor into the parenting equation, and how economics can help shape policies that will contribute to the ideal of equal opportunity for all. Love, Money, and Parenting presents an engrossing look at the economics of the family in the modern world.

Postindustrial Peasants

The Illusion of Middle-Class Prosperity

Author: Kevin Leicht,Scott T. Fitzgerald

Publisher: Macmillan

ISBN: 9780716757658

Category: Social Science

Page: 239

View: 9795

By most accounts the economic vigor of the United States is unprecedented. Despite this collective wealth, the American middle class is struggling to live the American dream. Indeed, there are many similarities between the modern middle class, peasants in feudal societies, and sharecroppers in agrarian societies. Postindustrial Peasants describes the current plight of the middle class, then offers a multi-level recommendation designed to encourage an active response to the development of the modern "postindustrial peasant." This new work can used in a variety of classes, including Intro to sociology, social problems, culture, history, and American studies.

A Fragile Balance

Emergency Savings and Liquid Resources for Low-Income Consumers

Author: J. Collins

Publisher: Springer

ISBN: 1137482370

Category: Business & Economics

Page: 234

View: 8612

A Fragile Balance examines strategies to promote emergency savings, especially among underserved households. Each chapter is by an expert contributor and proposes an innovative financial product or service designed to bolster emergency savings among low-asset families. This collection also offers readers insights into the role of emergency savings and mechanisms to facilitate savings behaviors, and raises critical questions of the scale, institutional capacity, sustainability, accessibility, and effectiveness of existing programs.

Financial Education and Capability

Research, Education, Policy, and Practice

Author: Julie Birkenmaier,Margaret Sherraden

Publisher: Oxford University Press

ISBN: 0199755957

Category: Social Science

Page: 353

View: 7864

This book introduces the concept of financial capability and assembles the latest evidence from ground-breaking innovations with financially vulnerable families, and links it to education, policy, and practice. It is a key resource for those interested in improving financial education and financial products and services for low-income families.

How the Other Half Banks

Exclusion, Exploitation, and the Threat to Democracy

Author: Mehrsa Baradaran

Publisher: Harvard University Press

ISBN: 0674495446

Category: Business & Economics

Page: 336

View: 9351

The United States has two separate banking systems—one serving the well-to-do and another exploiting everyone else. Deserted by banks and lacking credit, many people are forced to wander through a Wild West of payday lenders and check-cashing services thanks to the effects of deregulation in the 1970s that continue today, Mehrsa Baradaran shows.

Economics

Author: Jonathan Morduch,Dean Karlan

Publisher: McGraw-Hill Education

ISBN: 9780073511498

Category: Business & Economics

Page: 1056

View: 9211

Built from the ground up to focus on what matters to students in today's high-tech, globalized world, Dean Karlan and Jonathan Morduch's Economics represents a new generation of products, optimized for digital delivery and available with the best-in-class adaptive study resources in McGraw-Hill's LearnSmart Advantage Suite. Engagement with real-world problems is built into the very fabric of the learning materials as students are encouraged to think about economics in efficient, innovative, and meaningful ways. Drawing on the authors' experiences as academic economists, teachers, and policy advisors, a familiar curriculum is combined with material from new research and applied areas such as finance, behavioral economics, and the political economy, to share with students how what they're learning really matters. This modern approach is organized around learning objectives and matched with sound assessment tools aimed at enhancing students' analytical and critical thinking competencies. Students and faculty will find content that breaks down barriers between what goes on in the classroom and what is going on in our nation and broader world. By teaching the right questions to ask, Karlan and Morduch provide readers with a method for working through decisions they'll face in life and ultimately show that economics is the common thread that enables us to understand, analyze, and solve problems in our local communities and around the world. Connect is the only integrated learning system that empowers students by continuously adapting to deliver precisely what they need, when they need it, and how they need it, so that your class time is more engaging and effective.

Happiness for All?

Unequal Hopes and Lives in Pursuit of the American Dream

Author: Carol Graham

Publisher: Princeton University Press

ISBN: 1400884977

Category: Political Science

Page: 208

View: 5138

How the optimism gap between rich and poor is creating an increasingly divided society The Declaration of Independence states that all people are endowed with certain unalienable rights, and that among these is the pursuit of happiness. But is happiness available equally to everyone in America today? How about elsewhere in the world? Carol Graham draws on cutting-edge research linking income inequality with well-being to show how the widening prosperity gap has led to rising inequality in people's beliefs, hopes, and aspirations. For the United States and other developed countries, the high costs of being poor are most evident not in material deprivation but rather in stress, insecurity, and lack of hope. The result is an optimism gap between rich and poor that, if left unchecked, could lead to an increasingly divided society. Graham reveals how people who do not believe in their own futures are unlikely to invest in them, and how the consequences can range from job instability and poor education to greater mortality rates, failed marriages, and higher rates of incarceration. She describes how the optimism gap is reflected in the very words people use—the wealthy use words that reflect knowledge acquisition and healthy behaviors, while the words of the poor reflect desperation, short-term outlooks, and patchwork solutions. She also explains why the least optimistic people in America are poor whites, not poor blacks or Hispanics. Happiness for All? highlights the importance of well-being measures in identifying and monitoring trends in life satisfaction and optimism—and misery and despair—and demonstrates how hope and happiness can lead to improved economic outcomes.

Portfolios of the Poor

How the World's Poor Live on $2 a Day

Author: Daryl Collins

Publisher: Princeton University Press

ISBN: 9780691148199

Category: Business & Economics

Page: 283

View: 5056

The authors report on the yearlong "financial diaries" of villagers and slum dwellers in Bangladesh, India, and South Africa--records that track penny by penny how specific households manage their money. --from publisher description.

In Their Own Hands

How Savings Groups Are Revolutionizing Development

Author: Jeffrey Ashe,Kyla Jagger Neilan

Publisher: Berrett-Koehler Publishers

ISBN: 1626562202

Category: Business & Economics

Page: 240

View: 976

Two and a half billion people worldwide, most of them desperately poor villagers, need a better way to save and to borrow. Even the most innovative banking institutions can’t reach them; savings groups can. In savings groups, members save what they can in a communal pot and loan their growing fund to each other for their short-term needs. Jeffrey Ashe and Kyla Neilan illustrate how these savings groups form and function and how little “outside” support is actually required for their success. Drawing on decades of Ashe’s personal experience, this book describes how he developed Saving for Change, which leveraged the wisdom and strength of group members to train and establish new groups. This model has impacted the lives of 680,000 people across five countries. Savings groups are a “catalytic innovation” that bypasses subsidies, dependency, and high costs while effectively reducing chronic hunger, building assets, and empowering the community. Today, saving groups have 9 million members around the globe—with minimal support, membership could grow to ten times this number.

Loose Leaf for Microeconomics

Author: Jonathan Morduch,Dean Karlan

Publisher: McGraw-Hill Education

ISBN: 9780077799076

Category: Business & Economics

Page: N.A

View: 1448

Built from the ground up to focus on what matters to students in today’s high-tech, globalized world, Dean Karlan and Jonathan Morduch’s Microeconomics represents a new generation of products, optimized for digital delivery and available with the best-in-class adaptive study resources in McGraw-Hill’s LearnSmart Advantage Suite. Engagement with real-world problems is built into the very fabric of the learning materials as students are encouraged to think about economics in efficient, innovative, and meaningful ways. Drawing on the authors’ experiences as academic economists, teachers, and policy advisors, a familiar curriculum is combined with material from new research and applied areas such as finance, behavioral economics, and the political economy, to share with students how what they’re learning really matters. This modern approach is organized around learning objectives and matched with sound assessment tools aimed at enhancing students’ analytical and critical thinking competencies. Students and faculty will find content that breaks down barriers between what goes on in the classroom and what is going on in our nation and broader world. By teaching the right questions to ask, Karlan and Morduch provide readers with a method for working through decisions they’ll face in life and ultimately show that economics is the common thread that enables us to understand, analyze, and solve problems in our local communities and around the world.

Ike and McCarthy

Dwight Eisenhower's Secret Campaign against Joseph McCarthy

Author: David A. Nichols

Publisher: Simon and Schuster

ISBN: 1451686625

Category: History

Page: 400

View: 6916

The full, little-known story of how President Dwight Eisenhower masterminded the downfall of the anti-Communist demagogue Senator Joseph McCarthy is “a gripping, detailed account of how the executive branch subtly but decisively defeated one of America’s most dangerous demagogues” (The Washington Post). They shook hands for the cameras, but Dwight Eisenhower privately abhorred Senator Joseph McCarthy, the powerful Republican senator notorious for his anti-Communist campaign. In spite of a public perception that Eisenhower was unwilling to challenge McCarthy, Ike believed that directly confronting the senator would diminish the presidency. Therefore, the president operated—more discreetly and effectively—with a “hidden hand.” In “a thorough, well-written, and surprising picture of a man who was much more than a ‘do-nothing’ president” (Kirkus Reviews, starred review), David A. Nichols shows how the tension between the two men escalated. In a direct challenge to Eisenhower, McCarthy alleged that the US Army was harboring communists and launched an investigation. But the senator had unwittingly signed his own political death warrant. The White House employed surrogates to conduct a clandestine campaign against McCarthy and was not above using information about the private lives of McCarthy’s aides as ammunition. By January 1954 McCarthy was arguably the most powerful member of the Senate. Yet at the end of that year, he had been censured by his colleagues for unbecoming conduct. Eisenhower’s covert operation had discredited the senator months earlier, exploiting the controversy that resulted from the televised Army-McCarthy hearings. McCarthy would never recover his lost prestige. In Ike and McCarthy, Nichols uses documents previously unavailable or overlooked to authenticate the extraordinary story of Eisenhower’s anti-McCarthy campaign. The result is “a well-researched and sturdily written account of what may be the most important such conflict in modern history….Americans have as much to learn today from Eisenhower as his many liberal critics did in 1954” (The Atlantic Monthly).

The Broken Ladder

How Inequality Affects the Way We Think, Live, and Die

Author: Keith Payne

Publisher: Penguin

ISBN: 069840937X

Category: Social Science

Page: 256

View: 385

A timely examination by a leading scientist of the physical, psychological, and moral effects of inequality. Today’s inequality is on a scale that none of us has seen in our lifetimes, yet this disparity between rich and poor has ramifications that extend far beyond mere financial means. In The Broken Ladder psychologist Keith Payne examines how inequality divides us not just economically, but has profound consequences for how we think, how our cardiovascular systems respond to stress, how our immune systems function, and how we view moral ideas like justice and fairness. Experiments in psychology, neuroscience, and behavioral economics have not only revealed important new insights on how inequality changes people in predictable ways, but have provided a corrective to our flawed way of viewing poverty as the result of individual character failings. Among modern, developed societies, economic inequality is not primarily about money, but rather about relative status: where we stand in relation to other people. Regardless of their average income, countries or states with greater levels of income inequality have much higher rates of all the social problems we associate with poverty, including lower average life expectancies, serious health issues, mental illness, and crime. The Broken Ladder explores such issues as why women in poor societies often have more children, and have them younger; why there is little trust among the working class that investing for the future will pay off; why people’s perception of their relative social status affects their political beliefs, and why growing inequality leads to greater political divisions; how poverty raises stress levels in the same way as a physical threat; inequality in the workplace, and how it affects performance; why unequal societies become more religious; and finally offers measures people can take to lessen the harm done by inequality in their own lives and the lives of their children.

Glass House

The 1% Economy and the Shattering of the All-American Town

Author: Brian Alexander

Publisher: St. Martin's Press

ISBN: 1250085810

Category: Social Science

Page: 304

View: 5734

For readers of Hillbilly Elegy and Strangers in Their Own Land **A New York Post Must-Read Book, a Newsweek Best New Book, one of The Week's 20 Books to Read in 2017, one of Bustle's 16 Best Nonfiction Books Coming in February 2017, Best Non-Fiction/2017 Books by the Banks** "A devastating portrait...For anyone wondering why swing-state America voted against the establishment in 2016, Mr. Alexander supplies plenty of answers." —The Wall Street Journal "This book hunts bigger game." —Laura Miller, Slate In 1947, Forbes magazine declared Lancaster, Ohio the epitome of the all-American town. Today it is damaged, discouraged, and fighting for its future. In Glass House, journalist Brian Alexander uses the story of one town to show how seeds sown 35 years ago have sprouted to give us Trumpism, inequality, and an eroding national cohesion. The Anchor Hocking Glass Company, once the world’s largest maker of glass tableware, was the base on which Lancaster’s society was built. As Glass House unfolds, bankruptcy looms. With access to the company and its leaders, and Lancaster’s citizens, Alexander shows how financial engineering took hold in the 1980s, accelerated in the 21st Century, and wrecked the company. We follow CEO Sam Solomon, an African-American leading the nearly all-white town’s biggest private employer, as he tries to rescue the company from the New York private equity firm that hired him. Meanwhile, Alexander goes behind the scenes, entwined with the lives of residents as they wrestle with heroin, politics, high-interest lenders, low wage jobs, technology, and the new demands of American life: people like Brian Gossett, the fourth generation to work at Anchor Hocking; Joe Piccolo, first-time director of the annual music festival who discovers the town relies on him, and it, for salvation; Jason Roach, who police believed may have been Lancaster’s biggest drug dealer; and Eric Brown, a local football hero-turned-cop who comes to realize that he can never arrest Lancaster’s real problems.

The Sum of Small Things

A Theory of the Aspirational Class

Author: Elizabeth Currid-Halkett

Publisher: Princeton University Press

ISBN: 1400884691

Category: Social Science

Page: 272

View: 452

How the leisure class has been replaced by a new elite, and how their consumer habits affect us all In today’s world, the leisure class has been replaced by a new elite. Highly educated and defined by cultural capital rather than income bracket, these individuals earnestly buy organic, carry NPR tote bags, and breast-feed their babies. They care about discreet, inconspicuous consumption—like eating free-range chicken and heirloom tomatoes, wearing organic cotton shirts and TOMS shoes, and listening to the Serial podcast. They use their purchasing power to hire nannies and housekeepers, to cultivate their children’s growth, and to practice yoga and Pilates. In The Sum of Small Things, Elizabeth Currid-Halkett dubs this segment of society “the aspirational class” and discusses how, through deft decisions about education, health, parenting, and retirement, the aspirational class reproduces wealth and upward mobility, deepening the ever-wider class divide. Exploring the rise of the aspirational class, Currid-Halkett considers how much has changed since the 1899 publication of Thorstein Veblen’s Theory of the Leisure Class. In that inflammatory classic, which coined the phrase “conspicuous consumption,” Veblen described upper-class frivolities: men who used walking sticks for show, and women who bought silver flatware despite the effectiveness of cheaper aluminum utensils. Now, Currid-Halkett argues, the power of material goods as symbols of social position has diminished due to their accessibility. As a result, the aspirational class has altered its consumer habits away from overt materialism to more subtle expenditures that reveal status and knowledge. And these transformations influence how we all make choices. With a rich narrative and extensive interviews and research, The Sum of Small Things illustrates how cultural capital leads to lifestyle shifts and what this forecasts, not just for the aspirational class but for everyone.

Financial Inclusion at the Bottom of the Pyramid

Author: Carol Realini ,Karl Mehta

Publisher: FriesenPress

ISBN: 1460265521

Category: Business & Economics

Page: 256

View: 598

As incredible as it may seem in this hyper-connected, technologically advanced era, half the planet's population exist as "Financial nomads"-those who nourish and shelter themselves without using traditional banking services. While the wealthy live at the top of a metaphorical pyramid, taking financial security and banking services for granted, there are billions of people who struggle at the pyramid's base in an exhausting state of financial exclusion and insecurity. Times are changing rapidly, but despite global uncertainty, technology has the capacity to reach and equip people in all walks of life. Advances in communications have reconfigured the ease with which we interact with our money-and these advances can provide innovative financial services to the unbanked and underserved around the world. Financial inclusion for all is indeed within our reach, and with this conviction, authors Karl Mehta and Carol Realini propose a vision for a better world and a blueprint to get there....