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The Financial Diaries: How American Families…
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The Financial Diaries: How American Families Cope in a World of… (edição 2017)

por Jonathan Morduch (Autor), Rachel Schneider (Autor)

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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.… (mais)
Membro:klfleury1966
Título:The Financial Diaries: How American Families Cope in a World of Uncertainty
Autores:Jonathan Morduch (Autor)
Outros autores:Rachel Schneider (Autor)
Informação:Princeton University Press (2017), 248 pages
Colecções:Read, A sua biblioteca
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The Financial Diaries: How American Families Cope in a World of Uncertainty por Jonathan Morduch

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It’s not necessarily poverty, but it definitely is instability and precarity. That is what Financial Diaries has found in a yearlong study of several hundred families from across the country and the economic spectrum. It is based on a similar effort in Bangladesh, India and South Africa that led to similar insights. Morduch and Schneider collected some 300,000 data points in their quest. The gig economy, the lowering of real wages, the elimination of loyalty, permanence, benefits and full time employment has put tens of millions of families at risk of being unable to pay bills some months. These are not welfare scammers; 92% would take simple stability over more wealth. Morduch and Schneider say instability has risen faster than inequality. They visited numerous times during the year and learned their stories, their habits, and their workarounds. The first half of the book relates several different and frustrating examples of this new precarity.

The Federal Reserve says one third of Americans - 100 million people - are just getting by, juggling shutoffs in utilities, mortgage payment delays and payday loans. Holding two, three and sometimes four jobs is becoming routine as Uberization lowers incomes. There are now more small credit and payday loan stores than McDonalds and Starbucks combined. That is the economy’s answer. And they make life worse.

The families have workarounds; they have to. It could be living with your mother in your late 40s, or at least borrowing from her. It might mean a community savings club, raising money on the internet or using some of the innovative financial tools that startups are continually inventing. The most common issue seems to be saving – not for retirement, as half of Americans have no retirement savings – but smoothing out the ups and downs as pay never seems to match expenditures for long. Traditional banks don’t fill the bill, and resilient American families are trying other means. (There is a wonderful app that puts some wages aside for when they’re really, really needed, and which will lend money when there isn’t enough money saved). The second half of Financial Diaries is all about those workarounds – borrowing, lending, community, and family. It is an uplifting finish to an otherwise grim tale.

One of the biggest problems is that the standard stats don’t show any of this. Taking annual income figures doesn’t reflect the rollercoaster ride all year, let alone the stress and the anxiety. These families deny themselves everything. They try to do the right thing. But they can never seem to get ahead. It is subsistence living in an economy that brags of full employment. Shame.

David Wineberg ( )
  DavidWineberg | Feb 13, 2017 |
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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.

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