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The Financial Diaries: How American Families Cope in a World of Uncertainty

The Financial Diaries: How American Families Cope in a World of Uncertainty

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Key Metrics

  • Jonathan Morduch
  • Princeton University Press
  • Paperback
  • 9780691183145
  • 7.9 X 5.2 X 0.9 inches
  • 0.5 pounds
  • Social Science > Social Classes & Economic Disparity
  • English
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Book Description

The ideal of the American Dream seems increasingly out of reach, even for many families who are trying to do everything right. To find out why, Jonathan Morduch and Rachel Schneider followed 235 low- and middle-income families as they navigated a year of ups and downs. Through the groundbreaking US Financial Diaries project, we meet real people, from a casino dealer to a street vendor to a tax preparer, who open up their lives and reveal a world of financial uncertainty. For these families, even limited financial success requires imaginative--and often costly--coping strategies: forming saving clubs, borrowing from relatives, strategizing about skipping bills, and devising ways to keep money just out of easy reach. In The Financial Diaries, Morduch and Schneider challenge popular assumptions about how Americans earn, spend, borrow, and save. This book uncovers deeper causes of distress and inequality, starkly illustrating how changes in America have placed too much risk on the wrong shoulders. The authors describe new tools and policies--from fin tech apps that help people manage money to laws that guarantee predictable hours--that will improve stability for those who need it most.
The Financial Diaries: How American Families Cope in a World of Uncertainty

Author Bio

Jonathan Morduch is Professor of Public Policy and Economics at the Wagner Graduate School of Public Service at New York University.

Morduch's research focuses on finance, poverty, and inequality. He is a founder and Executive Director of the NYU Financial Access Initiative.

Morduch is the author with Rachel Schneider of The Financial Diaries: How American Families Cope in a World of Uncertainty (Princeton 2017; project site) and co-author of Portfolios of the Poor: How the World’s Poor Live on $2 a Day (Princeton 2009) and The Economics of Microfinance (MIT Press 2010). He is co-editor of Banking the World: Empirical Foundations of Financial Inclusion (MIT Press). Together with Dean Karlan, Morduch is the author of Economics (McGraw-Hill 2020, 3rd ed.), an empirically-oriented principles of economics text now in its 3rd edition.

Morduch has taught on the Economics faculty at Harvard, and has held visiting positions at Stanford, Princeton, Hitotsubashi University and the University of Tokyo. He received a BA from Brown, Ph.D. in Economics from Harvard, and an honorary doctorate from the Free University of Brussels for his work on microfinance.

Education 

Harvard University, Cambridge, Massachusetts
Ph. D., M.A., Economics, November 1991. Fields in public finance and labor
economics. Dissertation: Risk and Welfare in Developing Countries.
 

Brown University, Providence, Rhode Island
A. B. Economics (Honors), May 1985. Lamport Prize for International
Understanding in Economics. Junior year at the London School of Economics.

 

 

Source: New York University 

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