Summary: If financial distress isn't necessarily rooted in unemployment, then what is the reason so many Americans find themselves with poor credit and dwindling bank accounts? Rachel Schneider decided to do a field study throughout the US to find out what is plaguing most people when it comes to financial distress and how families can cope with financial uncertainty. Rachel Schneider and her co-author Jonathan Morduch spent a year following the lives of 235 low and middle-income families. What they document in their book: The Financial Diaries: How American Families Cope in a World of Uncertainty, challenges popular assumptions about how Americans earn, spend, borrow, and save―and they identify the true causes of distress and inequality for many working Americans. Whether you’re in this situation, know someone in this situation or just curious about how financial distress really affects people, Rachel’s insights are enlightening and can perhaps stir our creativity to come up with some amazing solutions – which are happening in the financial technology space now. So, let’s get Charged Up! about delving in to the financial diaries of Americans!
