Think back on the past year in your financial life: the money you received from work, loans or gifts, the purchases large and small, the bank deposits and withdrawals. Now imagine keeping track of every one of those transactions - regardless of your income level, it would be a mind-boggling endeavor.
Yet that's exactly what the U.S. Financial Diaries project has done - and not just for one person, but for hundreds. Undertaken by the Financial Access Initiative (FAI) at New York University, with the Center for Financial Services Innovation (CFSI) and Bankable Frontier Associates, the project was based on work that was done internationally for the book Portfolios of the Poor. It tracked the financial activity of 250 lower-income American households for a full year...
Read the full story on NextBillion. To learn more about USFD and its initial findings, watch the interview with FAI's Timothy Ogden below:
This post was written by NextBillion and the Financial Access Initiative. The views expressed therein are those of the author, and not necessarily of the USFD project or its funders.