First published 2017
Jonathan Morduch and Rachel Schneider examine how American families manage money when paychecks don't stretch far enough. The authors followed 235 low and middle income households for one full year, tracking every dollar earned, spent, borrowed, and saved. Their research reveals that families who work hard and try to save still struggle to achieve financial stability. A casino dealer, a street vendor, and a tax preparer share their personal stories of navigating unpredictable income and unexpected expenses. These families develop creative but often expensive strategies to make ends meet. The book challenges common beliefs about American spending and saving habits. Morduch and Schneider show that financial distress affects even families who appear to be making good choices. The authors combine detailed financial data with individual stories to explain why economic inequality persists. They propose new policies and technologies that could provide better financial stability for working families who need support most.
Genres: business, american, economics, social-issues, non-fiction, academic
Vibes: emotional, intimate, thought-provoking
Tropes: real-life-stories, social-commentary
Setting: America
Period: 21st-century
248 pages · Hardcover · Princeton University Press