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Interview: Rachel Schneider

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.



  • SpiritualMystic

    Put a DVD together of simple financial tools to save money into every library, credit union, bank, social service agency, Drivers Licence Office and Employment office and require everyone on welfare, food stamps and the social dole to watch it. 

  • andrew

    nice piece,,,i’m prayin for the family n ya’ll too !!! i know how they feel n what they need next to GOD is what all of us in these dire straights need,,,more income,,,the wealthy r greedy on the needy !!! i’m not talkig about good industrious folks who  worked hard n share what they have n create jobs but those who hord n lord over us by constantly driving up prices with all their lame excuses just cause they want more,more,more n to hell with the rest of us !!! i believe in the end the tables will be turned !!! how sorry they will be n how happy we will be,,,thank you Jesus !!!

  • david

    How about they cut out the cable tv and gym membership for starters. And only 1 of the 3 family members was working. Their rent was a great deal for that part of the country. And it was subsidised! And they got food stamps! Dont want to beat them up they seem like nice people.

  • Oldpinky

    I am on Social Security and was told by a weatherization employee working in my home that I had a significant problem with a sink connection that could bring methane gas into my home.  I went to a bank where I had been a customer for over 25 years.  I wanted a $500 loan for 12 months to hire a plumber and fix the problem along with a missing junction box in my attic which was another problem. The only loan they would give me was $3800.00 at 14 percent interest.  I no longer have a job because of the economic situation.  I have worked several part-time temporary jobs and now I am considered poor.  I have a college degree and have put myself through college graduating with honors.  I have a long work history and I put an ex-husband through 7.5 years of his education (Stanford and Princeton).  I raised a child alone.  I bought an inexpensive house just before 9/11 and lost my good job.  I have struggled for years to improve it.  I have no credit debt.  I drive an older car. But I am now over 60 so I guess I am no longer eligible for credit unless it is out of reach.  I wanted a loan I could afford to pay and it could be deducted directly from my account. There is no way that anyone in this country can improve their financial lives even with all of the visible and accountable sacrifices and hard work invested by people like me in this country.