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> Posted by Ariel Schwartz, Senior Editor, Co.Exist
The following post was originally published on Fast Company’s Co.Exist.
The challenge was simple, or so it seemed: Pay my bills and complete a handful of money-related errands before my work shift began at noon. It was harder than I ever could have imagined.
In reality, I wasn’t handling my own finances; I was participating in a simulation of what it’s like to be one of the underbanked—that is, to be one of the 7.7 percent of Americans with limited access to traditional banking services. The Financial Solutions Lab, a spin-off of the Center for Financial Services Innovation (CFSI), put on the simulation for a group of entrepreneurs, nonprofit employees, and banking executives so that they could come up with new product ideas for addressing the challenges of cash flow management.
> Posted by Elisabeth Rhyne
I wrote a blog post on the Huffington Post a couple of weeks ago, just thin
king out loud about something which suddenly seems absolutely central to financial inclusion: money management. How do people keep track of their finances? Will people new to formal financial services be inclined to use a bank account as a money management tool? How do financially excluded people manage their money?
I was hoping to start a conversation. I even sent the post to several colleagues experts in this area. But what I got was yawns and silence.
Almost. I did get 2 comments, both from a U.S. perspective. “SirVantes137” said that the best way to help poor people with money management, including himself, was to pay them better so they would have something to manage. “Samantha is Soo Savory” referred me to powerwallet, an online money management tool, which looks pretty interesting, and very relevant to the question.
But the conversation among financial inclusion folks failed to take off, so I’m trying again. Come on, people, think about this. It’s important! Read the rest of this entry »
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