Portfolios of the Poor: How the World's Poor Live on $2 a Day
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Nearly forty percent of humanity lives on an average of two dollars a day or less. If you've never had to survive on an income so small, it is hard to imagine. How would you put food on the table, afford a home, and educate your children? How would you handle emergencies and old age? Every day, more than a billion people around the world must answer these questions. Portfolios of the Poor is the first book to systematically explain how the poor find solutions to their everyday financial problems.
The authors conducted year-long interviews with impoverished villagers and slum dwellers in Bangladesh, India, and South Africa—records that track penny by penny how specific households manage their money. The stories of these families are often surprising and inspiring. Most poor households do not live hand to mouth, spending what they earn in a desperate bid to keep afloat. Instead, they employ financial tools, many linked to informal networks and family ties. They push money into savings for reserves, squeeze money out of creditors whenever possible, run sophisticated savings clubs, and use microfinancing wherever available. Their experiences reveal new methods to fight poverty and ways to envision the next generation of banks for the "bottom billion."
Indispensable for those in development studies, economics, and microfinance, Portfolios of the Poor will appeal to anyone interested in knowing more about poverty and what can be done about it.
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Daryl Collins. (2009). Portfolios of the Poor: How the World's Poor Live on $2 a Day. Princeton University Press.
Chicago / Turabian - Author Date Citation (style guide)Daryl Collins. 2009. Portfolios of the Poor: How the World's Poor Live On $2 a Day. Princeton University Press.
Chicago / Turabian - Humanities Citation (style guide)Daryl Collins, Portfolios of the Poor: How the World's Poor Live On $2 a Day. Princeton University Press, 2009.
MLA Citation (style guide)Daryl Collins. Portfolios of the Poor: How the World's Poor Live On $2 a Day. Princeton University Press, 2009.
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Nearly forty percent of humanity lives on an average of two dollars a day or less. If you've never had to survive on an income so small, it is hard to imagine. How would you put food on the table, afford a home, and educate your children? How would you handle emergencies and old age? Every day, more than a billion people around the world must answer these questions. Portfolios of the Poor is the first book to systematically explain how the poor find solutions to their everyday financial problems.
The authors conducted year-long interviews with impoverished villagers and slum dwellers in Bangladesh, India, and South Africa—records that track penny by penny how specific households manage their money. The stories of these families are often surprising and inspiring. Most poor households do not live hand to mouth, spending what they earn in a desperate bid to keep afloat. Instead, they employ financial tools, many linked to informal networks and family ties. They push money into savings for reserves, squeeze money out of creditors whenever possible, run sophisticated savings clubs, and use microfinancing wherever available. Their experiences reveal new methods to fight poverty and ways to envision the next generation of banks for the "bottom billion."
Indispensable for those in development studies, economics, and microfinance, Portfolios of the Poor will appeal to anyone interested in knowing more about poverty and what can be done about it.- reviews
- premium: False
- source: Publishers Weekly
- content: "Ten years ago, the authors of this unusual study began collecting detailed yearlong 'financial diaries' from households in Bangladesh, India, and South Africa. . . . The diarists did things that might seem irrational—borrowing in order to save; paying interest on savings—but that made sense given their unpredictable incomes and limited options. While the authors do offer prescriptions for how to expand those options, it's their scrupulous attention to actual behavior that makes this book invaluable."
- premium: False
- source: The Economist
- content: "The book's methodology and conclusions are fascinating."
- premium: False
- source: Ethics & International Affairs
- content: "A refreshingly distinct path. Portfolios of the Poor . . . avoid[s] the big picture and zoom[s] in on the basics of daily poverty, exploring how poor families manage their money. . . . The diaries reveal a 'real, ongoing, and substantial demand' for better financial services, which poor families need to provide better health care and schooling for their children. . . . Rather than waiting for the world to debate and accept their ideas, these authors have taken them up on their own. In the war against global poverty, that feels like one small battle won."—-Carlos Lozada, Washington Post
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- content:
March 30, 2009
Veterans in economics and microfinance scrutinize the finances of the poor in India, Bangladesh and South Africa. Following their 250 subjects for a year, the researchers compile family “financial diaries” and report on how the poor spend money and the myriad resources that function like portfolios. A confluence of circumstances the authors term a “triple whammy” (low and unreliable income, irregular cash flows and financial instruments ill-suited to the needs of this population) makes saving essential, and the poor depend on savings clubs, insurance clubs, money guarders or microfinance institutions. It is often a piecemeal approach, and any emergency can have disastrous consequences. With the advent of Muhammad Yunus's Grameen Bank in Bangladesh in 1976 and Grameen II in 2001, the growing global profile of microfinance might give the population more access to funds through reliable, flexible means—but the majority must turn to family, friends, neighbors or moneylenders. While the book's methodology and conclusions are fascinating, it is a complex and technical analysis best suited for those fluent in economics and public policy.
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Nearly forty percent of humanity lives on an average of two dollars a day or less. If you've never had to survive on an income so small, it is hard to imagine. How would you put food on the table, afford a home, and educate your children? How would you handle emergencies and old age? Every day, more than a billion people around the world must answer these questions. Portfolios of the Poor is the first book to systematically explain how the poor find solutions to their everyday financial problems.
The authors conducted year-long interviews with impoverished villagers and slum dwellers in Bangladesh, India, and South Africa—records that track penny by penny how specific households manage their money. The stories of these families are often surprising and inspiring. Most poor households do not live hand to mouth, spending what they earn in a desperate bid to keep afloat. Instead, they employ financial tools, many linked to informal networks and family ties. They...- sortTitle
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List of Tables vii
List of Figures ix
Chapter One: The Portfolios of the Poor 1
Chapter Two: The Daily Grind 28
Chapter Three: Dealing with Risk 65
Chapter Four: Building Blocks: Creating Usefully Large Sums 95
Chapter Five: The Price of Money 132
Chapter Six: Rethinking Microfinance: The Grameen II Diaries 154
Chapter Seven: Better Portfolios 174
Appendix 1: The Story behind the Portfolios 185
Appendix 2: A Selection of Portfolios 211
Acknowledgments 243
Notes 247
Bibliography 265
Index 273- bisacCodes
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- description: Business & Economics / Insurance / General
- code: BUS034000
- description: Business & Economics / Interest
- code: BUS060000
- description: Business & Economics / Small Business
