“When you think about the poor, you need to understand how they’re managing money firsthand,” especially since 40% of the world’s population live on $2 per day.
Daryl Collins asked families in developing countries who live on $2 a day to track their income and expenses in a financial diary. She learned that these families have rich financial lives but are confronted with sporadic cash flow and lack of appropriate financial tools. As a result, this inhibits their ability to manage money and plan for future generations.
Watch the video to understand how the poor manage their money.