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How Low-Income Households Save—And Can We Help?

Note: This is a past event, additional resources may be available below.

Wed Oct 28, 2020
A woman sitting on her bed looking sad.

Date

Wed Oct 28, 2020
6:00am – 7:00am EDT

Location


Virtual

Contact

Hosts

  1. Financial Security Program

Watch the event recording here.

Savings has traditionally been measured by asking about “account” balances, or in national accounts by comparing incomes to expenditures. But we know that low-income households often save actively. They build up and draw down their funds throughout the year—what Nobel Laureate Angus Deaton termed “high frequency savings”—even if their balances don’t grow.Short-term savings are a key part of the financial lives of low-income households in the US and in developing countries; the challenges they face in building up and effectively using their savings are quite similar as well.This edition of faiVLive—co-presented with the Aspen Institute Financial Security Program—brings together researchers and practitioners to look at how short-term savings work and don’t work, with a particular eye to whether and how savings for low-income households can be boosted.#AspenFSPLive #faiVLiveModerator:Timothy Ogden, Managing Director, FAIFeaturing:Jessica Goldberg, University of MarylandJonathan Lee, Neighborhood Trust Financial PartnersGenevieve Melford, Aspen Institute Financial Security ProgramJonathan Morduch, New York University and FAISuggested reading:The Cycle of Savings: What We Gain When We Understand Savings as a Dynamic ProcessThe Great Convergence: Toward a Global Strategy for Financial InclusionSavings Horizons: U.S. Financial Diaries Issue BriefSupported by the Mastercard Impact Fund, in collaboration with Mastercard Center for Inclusive Growth.

Watch the event recording here.

Savings has traditionally been measured by asking about “account” balances, or in national accounts by comparing incomes to expenditures. But we know that low-income households often save actively. They build up and draw down their funds throughout the year—what Nobel Laureate Angus Deaton termed “high frequency savings”—even if their balances don’t grow.Short-term savings are a key part of the financial lives of low-income households in the US and in developing countries; the challenges they face in building up and effectively using their savings are quite similar as well.This edition of faiVLive—co-presented with the Aspen Institute Financial Security Program—brings together researchers and practitioners to look at how short-term savings work and don’t work, with a particular eye to whether and how savings for low-income households can be boosted.#AspenFSPLive #faiVLiveModerator:Timothy Ogden, Managing Director, FAIFeaturing:Jessica Goldberg, University of MarylandJonathan Lee, Neighborhood Trust Financial PartnersGenevieve Melford, Aspen Institute Financial Security ProgramJonathan Morduch, New York University and FAISuggested reading:The Cycle of Savings: What We Gain When We Understand Savings as a Dynamic ProcessThe Great Convergence: Toward a Global Strategy for Financial InclusionSavings Horizons: U.S. Financial Diaries Issue BriefSupported by the Mastercard Impact Fund, in collaboration with Mastercard Center for Inclusive Growth.