Savings by and for the Poor: A Research Review and Agenda
The poor can and do save, but often use formal or informal instruments that have high risk, high cost, and limited functionality. This could lead to undersaving compared to a world without market or behavioral frictions. Undersaving can have important welfare consequences: variable consumption, low...
Gespeichert in:
| Veröffentlicht in: | The Review of income and wealth 2014-03, Vol.60 (1), p.36-78 |
|---|---|
| Hauptverfasser: | , , |
| Format: | Artikel |
| Sprache: | eng |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Tags: |
Tag hinzufügen
Keine Tags, Fügen Sie den ersten Tag hinzu!
|
| container_end_page | 78 |
|---|---|
| container_issue | 1 |
| container_start_page | 36 |
| container_title | The Review of income and wealth |
| container_volume | 60 |
| creator | Karlan, Dean Ratan, Aishwarya Lakshmi Zinman, Jonathan |
| description | The poor can and do save, but often use formal or informal instruments that have high risk, high cost, and limited functionality. This could lead to undersaving compared to a world without market or behavioral frictions. Undersaving can have important welfare consequences: variable consumption, low resilience to shocks, and foregone profitable investments. We lay out five sets of constraints that may hinder the adoption and effective usage of savings products and services by the poor: transaction costs, lack of trust and regulatory barriers, information and knowledge gaps, social constraints, and behavioral biases. We discuss each in theory, and then summarize related empirical evidence, with a focus on recent field experiments. We then put forward key open areas for research and practice. |
| doi_str_mv | 10.1111/roiw.12101 |
| format | Article |
| fullrecord | <record><control><sourceid>proquest_pubme</sourceid><recordid>TN_cdi_pubmedcentral_primary_oai_pubmedcentral_nih_gov_4358152</recordid><sourceformat>XML</sourceformat><sourcesystem>PC</sourcesystem><sourcerecordid>3203665651</sourcerecordid><originalsourceid>FETCH-LOGICAL-c7151-19c99935bd291ef74072a0a705f0545230c8dc1f38ddac928b7fe46a5f9f0af33</originalsourceid><addsrcrecordid>eNqNkl9rUzEYxoMorlZv_ABywBsRzsyb__FiUIZug-JkKr0MaU7Snnl6MpP-sd_edN2KeuHMTQL5vb_Akwehl4CPoax3KbabYyCA4REaAJO8ZlrDYzTAmLJacCWO0LOcrzEGQTh9io4Il5pIwQZIf7Hrtp_larqtbN9UIaZqOffV5xjT-2pUXfnsbXLzcli3fnPLjGa-b-xz9CTYLvsXd_sQffv44evpeT2-PLs4HY1rJ4FDDdpprSmfNkSDD5JhSSy2EvOAOeOEYqcaB4GqprFOEzWVwTNhedAB20DpEJ3svTer6cI3zvfLZDtzk9qFTVsTbWv-vOnbuZnFtWGUKygPDNGbO0GKP1Y-L82izc53ne19XGUDighBqFD8YZRT0JRikP-HEqbLHzyMYsUo0QoK-vov9DquUl_yNcA0A1qEO-rtnnIp5px8OKQB2OwqYXaVMLeVKPCr3_M7oPcdKADsgU3b-e0_VObq8mJyL633M21e-p-HGZu-GyGp5Gby6cxwfg54osdG01_Uasxn</addsrcrecordid><sourcetype>Open Access Repository</sourcetype><iscdi>true</iscdi><recordtype>article</recordtype><pqid>1494134901</pqid></control><display><type>article</type><title>Savings by and for the Poor: A Research Review and Agenda</title><source>Wiley Online Library Journals Frontfile Complete</source><source>PAIS Index</source><source>Business Source Complete</source><source>Sociological Abstracts</source><source>EZB-FREE-00999 freely available EZB journals</source><creator>Karlan, Dean ; Ratan, Aishwarya Lakshmi ; Zinman, Jonathan</creator><creatorcontrib>Karlan, Dean ; Ratan, Aishwarya Lakshmi ; Zinman, Jonathan</creatorcontrib><description>The poor can and do save, but often use formal or informal instruments that have high risk, high cost, and limited functionality. This could lead to undersaving compared to a world without market or behavioral frictions. Undersaving can have important welfare consequences: variable consumption, low resilience to shocks, and foregone profitable investments. We lay out five sets of constraints that may hinder the adoption and effective usage of savings products and services by the poor: transaction costs, lack of trust and regulatory barriers, information and knowledge gaps, social constraints, and behavioral biases. We discuss each in theory, and then summarize related empirical evidence, with a focus on recent field experiments. We then put forward key open areas for research and practice.</description><identifier>ISSN: 0034-6586</identifier><identifier>EISSN: 1475-4991</identifier><identifier>DOI: 10.1111/roiw.12101</identifier><identifier>PMID: 25792764</identifier><language>eng</language><publisher>Canada: Blackwell Publishing Ltd</publisher><subject>Bias ; Constraints ; Consumption ; Cost ; D12 ; D91 ; Economic theory ; G21 ; Investment ; Investments ; Knowledge ; Literature Reviews ; Low income groups ; Markets ; O16 ; Original ; Poverty ; randomized evaluation ; Regulation ; Resilience ; Risk ; Saving ; Savings ; Studies ; Transaction costs ; Trust ; Welfare economics</subject><ispartof>The Review of income and wealth, 2014-03, Vol.60 (1), p.36-78</ispartof><rights>2014 UNU‐WIDER. Review of Income and Wealth published by John Wiley & Sons Ltd on behalf of International Association for Research in Income and Wealth.</rights><rights>2014 International Association for Research in Income and Wealth</rights><rights>2014 International Association for Research in Income and Wealth 2014</rights><lds50>peer_reviewed</lds50><oa>free_for_read</oa><woscitedreferencessubscribed>false</woscitedreferencessubscribed><citedby>FETCH-LOGICAL-c7151-19c99935bd291ef74072a0a705f0545230c8dc1f38ddac928b7fe46a5f9f0af33</citedby><cites>FETCH-LOGICAL-c7151-19c99935bd291ef74072a0a705f0545230c8dc1f38ddac928b7fe46a5f9f0af33</cites></display><links><openurl>$$Topenurl_article</openurl><openurlfulltext>$$Topenurlfull_article</openurlfulltext><thumbnail>$$Tsyndetics_thumb_exl</thumbnail><linktopdf>$$Uhttps://onlinelibrary.wiley.com/doi/pdf/10.1111%2Froiw.12101$$EPDF$$P50$$Gwiley$$Hfree_for_read</linktopdf><linktohtml>$$Uhttps://onlinelibrary.wiley.com/doi/full/10.1111%2Froiw.12101$$EHTML$$P50$$Gwiley$$Hfree_for_read</linktohtml><link.rule.ids>230,314,777,781,882,1412,27846,27847,27905,27906,33756,45555,45556</link.rule.ids><backlink>$$Uhttps://www.ncbi.nlm.nih.gov/pubmed/25792764$$D View this record in MEDLINE/PubMed$$Hfree_for_read</backlink></links><search><creatorcontrib>Karlan, Dean</creatorcontrib><creatorcontrib>Ratan, Aishwarya Lakshmi</creatorcontrib><creatorcontrib>Zinman, Jonathan</creatorcontrib><title>Savings by and for the Poor: A Research Review and Agenda</title><title>The Review of income and wealth</title><addtitle>Review of Income and Wealth</addtitle><description>The poor can and do save, but often use formal or informal instruments that have high risk, high cost, and limited functionality. This could lead to undersaving compared to a world without market or behavioral frictions. Undersaving can have important welfare consequences: variable consumption, low resilience to shocks, and foregone profitable investments. We lay out five sets of constraints that may hinder the adoption and effective usage of savings products and services by the poor: transaction costs, lack of trust and regulatory barriers, information and knowledge gaps, social constraints, and behavioral biases. We discuss each in theory, and then summarize related empirical evidence, with a focus on recent field experiments. We then put forward key open areas for research and practice.</description><subject>Bias</subject><subject>Constraints</subject><subject>Consumption</subject><subject>Cost</subject><subject>D12</subject><subject>D91</subject><subject>Economic theory</subject><subject>G21</subject><subject>Investment</subject><subject>Investments</subject><subject>Knowledge</subject><subject>Literature Reviews</subject><subject>Low income groups</subject><subject>Markets</subject><subject>O16</subject><subject>Original</subject><subject>Poverty</subject><subject>randomized evaluation</subject><subject>Regulation</subject><subject>Resilience</subject><subject>Risk</subject><subject>Saving</subject><subject>Savings</subject><subject>Studies</subject><subject>Transaction costs</subject><subject>Trust</subject><subject>Welfare economics</subject><issn>0034-6586</issn><issn>1475-4991</issn><fulltext>true</fulltext><rsrctype>article</rsrctype><creationdate>2014</creationdate><recordtype>article</recordtype><sourceid>24P</sourceid><sourceid>WIN</sourceid><sourceid>7TQ</sourceid><sourceid>BHHNA</sourceid><recordid>eNqNkl9rUzEYxoMorlZv_ABywBsRzsyb__FiUIZug-JkKr0MaU7Snnl6MpP-sd_edN2KeuHMTQL5vb_Akwehl4CPoax3KbabYyCA4REaAJO8ZlrDYzTAmLJacCWO0LOcrzEGQTh9io4Il5pIwQZIf7Hrtp_larqtbN9UIaZqOffV5xjT-2pUXfnsbXLzcli3fnPLjGa-b-xz9CTYLvsXd_sQffv44evpeT2-PLs4HY1rJ4FDDdpprSmfNkSDD5JhSSy2EvOAOeOEYqcaB4GqprFOEzWVwTNhedAB20DpEJ3svTer6cI3zvfLZDtzk9qFTVsTbWv-vOnbuZnFtWGUKygPDNGbO0GKP1Y-L82izc53ne19XGUDighBqFD8YZRT0JRikP-HEqbLHzyMYsUo0QoK-vov9DquUl_yNcA0A1qEO-rtnnIp5px8OKQB2OwqYXaVMLeVKPCr3_M7oPcdKADsgU3b-e0_VObq8mJyL633M21e-p-HGZu-GyGp5Gby6cxwfg54osdG01_Uasxn</recordid><startdate>201403</startdate><enddate>201403</enddate><creator>Karlan, Dean</creator><creator>Ratan, Aishwarya Lakshmi</creator><creator>Zinman, Jonathan</creator><general>Blackwell Publishing Ltd</general><scope>BSCLL</scope><scope>24P</scope><scope>WIN</scope><scope>NPM</scope><scope>AAYXX</scope><scope>CITATION</scope><scope>7TQ</scope><scope>8BJ</scope><scope>DHY</scope><scope>DON</scope><scope>FQK</scope><scope>JBE</scope><scope>7U4</scope><scope>BHHNA</scope><scope>DWI</scope><scope>WZK</scope><scope>7X8</scope><scope>5PM</scope></search><sort><creationdate>201403</creationdate><title>Savings by and for the Poor: A Research Review and Agenda</title><author>Karlan, Dean ; Ratan, Aishwarya Lakshmi ; Zinman, Jonathan</author></sort><facets><frbrtype>5</frbrtype><frbrgroupid>cdi_FETCH-LOGICAL-c7151-19c99935bd291ef74072a0a705f0545230c8dc1f38ddac928b7fe46a5f9f0af33</frbrgroupid><rsrctype>articles</rsrctype><prefilter>articles</prefilter><language>eng</language><creationdate>2014</creationdate><topic>Bias</topic><topic>Constraints</topic><topic>Consumption</topic><topic>Cost</topic><topic>D12</topic><topic>D91</topic><topic>Economic theory</topic><topic>G21</topic><topic>Investment</topic><topic>Investments</topic><topic>Knowledge</topic><topic>Literature Reviews</topic><topic>Low income groups</topic><topic>Markets</topic><topic>O16</topic><topic>Original</topic><topic>Poverty</topic><topic>randomized evaluation</topic><topic>Regulation</topic><topic>Resilience</topic><topic>Risk</topic><topic>Saving</topic><topic>Savings</topic><topic>Studies</topic><topic>Transaction costs</topic><topic>Trust</topic><topic>Welfare economics</topic><toplevel>peer_reviewed</toplevel><toplevel>online_resources</toplevel><creatorcontrib>Karlan, Dean</creatorcontrib><creatorcontrib>Ratan, Aishwarya Lakshmi</creatorcontrib><creatorcontrib>Zinman, Jonathan</creatorcontrib><collection>Istex</collection><collection>Wiley-Blackwell Open Access Titles</collection><collection>Wiley Free Content</collection><collection>PubMed</collection><collection>CrossRef</collection><collection>PAIS Index</collection><collection>International Bibliography of the Social Sciences (IBSS)</collection><collection>PAIS International</collection><collection>PAIS International (Ovid)</collection><collection>International Bibliography of the Social Sciences</collection><collection>International Bibliography of the Social Sciences</collection><collection>Sociological Abstracts (pre-2017)</collection><collection>Sociological Abstracts</collection><collection>Sociological Abstracts</collection><collection>Sociological Abstracts (Ovid)</collection><collection>MEDLINE - Academic</collection><collection>PubMed Central (Full Participant titles)</collection><jtitle>The Review of income and wealth</jtitle></facets><delivery><delcategory>Remote Search Resource</delcategory><fulltext>fulltext</fulltext></delivery><addata><au>Karlan, Dean</au><au>Ratan, Aishwarya Lakshmi</au><au>Zinman, Jonathan</au><format>journal</format><genre>article</genre><ristype>JOUR</ristype><atitle>Savings by and for the Poor: A Research Review and Agenda</atitle><jtitle>The Review of income and wealth</jtitle><addtitle>Review of Income and Wealth</addtitle><date>2014-03</date><risdate>2014</risdate><volume>60</volume><issue>1</issue><spage>36</spage><epage>78</epage><pages>36-78</pages><issn>0034-6586</issn><eissn>1475-4991</eissn><abstract>The poor can and do save, but often use formal or informal instruments that have high risk, high cost, and limited functionality. This could lead to undersaving compared to a world without market or behavioral frictions. Undersaving can have important welfare consequences: variable consumption, low resilience to shocks, and foregone profitable investments. We lay out five sets of constraints that may hinder the adoption and effective usage of savings products and services by the poor: transaction costs, lack of trust and regulatory barriers, information and knowledge gaps, social constraints, and behavioral biases. We discuss each in theory, and then summarize related empirical evidence, with a focus on recent field experiments. We then put forward key open areas for research and practice.</abstract><cop>Canada</cop><pub>Blackwell Publishing Ltd</pub><pmid>25792764</pmid><doi>10.1111/roiw.12101</doi><tpages>43</tpages><oa>free_for_read</oa></addata></record> |
| fulltext | fulltext |
| identifier | ISSN: 0034-6586 |
| ispartof | The Review of income and wealth, 2014-03, Vol.60 (1), p.36-78 |
| issn | 0034-6586 1475-4991 |
| language | eng |
| recordid | cdi_pubmedcentral_primary_oai_pubmedcentral_nih_gov_4358152 |
| source | Wiley Online Library Journals Frontfile Complete; PAIS Index; Business Source Complete; Sociological Abstracts; EZB-FREE-00999 freely available EZB journals |
| subjects | Bias Constraints Consumption Cost D12 D91 Economic theory G21 Investment Investments Knowledge Literature Reviews Low income groups Markets O16 Original Poverty randomized evaluation Regulation Resilience Risk Saving Savings Studies Transaction costs Trust Welfare economics |
| title | Savings by and for the Poor: A Research Review and Agenda |
| url | https://sfx.bib-bvb.de/sfx_tum?ctx_ver=Z39.88-2004&ctx_enc=info:ofi/enc:UTF-8&ctx_tim=2025-01-20T17%3A31%3A32IST&url_ver=Z39.88-2004&url_ctx_fmt=infofi/fmt:kev:mtx:ctx&rfr_id=info:sid/primo.exlibrisgroup.com:primo3-Article-proquest_pubme&rft_val_fmt=info:ofi/fmt:kev:mtx:journal&rft.genre=article&rft.atitle=Savings%20by%20and%20for%20the%20Poor:%20A%20Research%20Review%20and%20Agenda&rft.jtitle=The%20Review%20of%20income%20and%20wealth&rft.au=Karlan,%20Dean&rft.date=2014-03&rft.volume=60&rft.issue=1&rft.spage=36&rft.epage=78&rft.pages=36-78&rft.issn=0034-6586&rft.eissn=1475-4991&rft_id=info:doi/10.1111/roiw.12101&rft_dat=%3Cproquest_pubme%3E3203665651%3C/proquest_pubme%3E%3Curl%3E%3C/url%3E&disable_directlink=true&sfx.directlink=off&sfx.report_link=0&rft_id=info:oai/&rft_pqid=1494134901&rft_id=info:pmid/25792764&rfr_iscdi=true |