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Millions of low-income families rely on check-cashing companies, money orders and payday loans to handle basic financial needs -- costly services that can undermine tight household budgets -- even as evidence shows many are receptive to buying on layaway and even contributing to retirement savings plans.
"In a sense, we are living in the richest nation in human history, yet it's stunning that nearly 50 million people are living below a living wage," said Eldar Shafir, a professor of psychology and public affairs at Princeton University who contributed to the book, "Insufficient Funds: Savings, Assets, Credit and Banking Among Low-Income Households."
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