The Financial Diaries: How American Families Cope in a World of Uncertainty

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Description

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 plenty of families who appear to be doing the whole lot 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-source of revenue 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 plenty of 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 continuously costly―coping strategies. Morduch and Schneider detail what families are doing to lend a hand themselves and describe new policies and technologies so one can strengthen stability for individuals who need it most.

Combining hard facts with personal stories, The Financial Diaries presents an unparalleled inside take a look at the economic stresses of today’s families and offers powerful, fresh ideas for solving them.

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