Individuals and families who don’t fully utilize or don’t have access to traditional banking services spend an estimated $45 billion dollars annually on financial fees and interest. Rachel Schneider studies the financial habits of households like these and talks to Need to Know host Ray Suarez about what can be done to improve the financial lives of low and middle-income consumers.
Schneider is the Vice President of Innovation, Research and Policy for the Center for Financial Services Innovation, a nonprofit that works on financial services for these kind of underbanked consumers. Schneider is also a lead researcher on the US Financial Diaries, a new research project underway, which is following 300 families for over a year, tracking every penny they earn and spend.
The project’s goal is to improve policy and financial products for this underserved population. The US Financial Diaries is a partnership between CFSI, The Financial Access Initiative at New York University and Bankable Frontier Associates.