Finance for poor people

Poverty makes financial decisions harder. Behavioral economics can help

Last month, behavioral economist Dan Ariely and his team at the Center for Advanced Hindsight opened up the Common Cents Lab. Its goal is twofold: to examine how those living in poverty misspend their money and to help the poor make better financial decisions. Yesterday, we published Making Sen$e’s interview with Ariely in which he discusses depletion and why making good financial decisions becomes even more difficult when you’re poor. Today, we have a conversation with Ariely about tools that can help people improve their finances and what he learned from a field experiment in Kenya. ….[READ]

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