Portfolios of the Poor

Resumen del libro

Daryl Collins is the senior associate at Bankable Frontier Associates in Boston. She was responsible for organizing the latest version of the financial diaries in South Africa and holds both a B.Sc., and an M.Sc in Economics from the London School of Economics.

National organizations like ASA and BRAC in Bangladesh have demonstrated greater success than international entities in addressing poverty by offering practical solutions such as secure investment opportunities and partnerships with banks in countries like India and South Africa. Ensuring access to bank accounts protects the poor from theft and enables safe investments, while regulating financial product prices supports small business growth. Even amidst poverty, communities foster resilience through formal systems like collective investments and informal arrangements such as small loans, alongside sharing essentials and providing emotional and practical support. Contrary to common assumptions, many living on less than $2 a day save small amounts for emergencies, despite irregular incomes and challenges like illiteracy, which necessitate verbal financial agreements. However, international efforts to combat poverty often misrepresent the realities of the poorest by applying universal standards, such as "a dollar a day," which fail to account for income unpredictability and regional cost-of-living disparities, complicating accurate poverty assessments.

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