The Hidden Financial Lives of America’s Poor and Middle Class

Part two of two

Presented by:
Jonathan Morduch
, Professor of Policy and Economics, Wagner Graduate School of Public Service, New York University
Rachel Schneider, Senior Vice President, Center for Financial Services Innovation
Ida Rademacher, Executive Director, Financial Security Program, The Aspen Institute
Ellen Seidman, Member, Consumer Advisory Board, Consumer Finance Protection Bureau; Editor, What Works for America’s Communities, and What It’s Worth 

Moderated by:
Eric Nee, Managing Editor, Stanford Social Innovation Review

Date: Thursday, February 4, 2016
Time: 11:00 a.m.-12:00 noon PDT, 2:00-3:00 p.m. EDT

Sponsored by:



What are the implications of the U.S. Financial Diaries and other research and how can they provide insights to help families escape poverty, build stability, move up the ladder, and invest in the future? A look at innovative policies, products, and programs that seek to help households make ends meet, build security and stability, and invest for the future. We’ll look at innovative efforts in all sectors of society—from financial tech start-ups, to new policy approaches at all levels of government, and everything in between.

This webinar will:

  • Provide insight into how to redesign programs, policies, and products to better match the needs of low- and moderate-income Americans
  • Highlight examples of innovative products, programs, and policies that address income volatility and other challenges that households face now
  • Discuss the prospects for policy change at the federal, state and local level

The U.S. Financial Diaries project followed more than 235 low- and moderate-income American households for a year, attempting to record every dollar earned, received, borrowed, spent, given, and lent. The study offers data and stories that explore the financial realities of these households, and how people’s finances and options influence —and are influenced by—other aspects of their lives.

The webinar will be led by Jonathan Morduch of New York University and Rachel Schneider of the Center for Financial Services Innovation, leaders of the U.S. Financial Diaries project. They will be joined by Ida Rademacher, director of the Financial Security program at the Aspen Institute, and Ellen Seidman.

Thanks to the generosity of Citi Foundation, this webinar is complimentary.

 

Speaker Bios

Jonathan Morduch, Professor of Policy and Economics, Wagner Graduate School of Public Service, New York University @jmorduch

Jonathan Morduch studies poverty, finance, and international development. He has written about how microfinance really works, how low-income families construct financial lives, and what social finance can learn from corporate finance. His coauthored books include Portfolios of the Poor: How the World's Poor Live on $2 a Day and The Economics of Microfinance. Morduch is professor of public policy and economics at the Wagner Graduate School of Public Service at NYU, and he is executive director of the Financial Access Initiative.

Rachel Schneider, Senior Vice President, Center for Financial Services Innovation @RachelSchneider 

Rachel Schneider is senior vice president at the Center for Financial Services Innovation. She is an expert on consumer financial health. As a co-principal investigator on the US Financial Diaries research study, Schneider is uniquely positioned to offer her frank assessment of the financial challenges facing the majority of Americans. Though she began her career as an investment banker at Merrill Lynch & Co., Schneider credits her commitment to the potential for innovative finance to solve major social problems from her days as a VISTA Volunteer (now AmeriCorps). She holds a JD/MBA from the University of Chicago, and a bachelor’s degree from University of California, Berkeley. 

Ida Rademacher, Executive Director, Financial Security Program, The Aspen Institute

Ida Rademacher is executive director of the Financial Security Program (FSP) at the Aspen Institute—a leading national program dedicated to solving the most critical financial challenges facing America’s households, and to shaping policies and financial products that enable all Americans to save, invest, and own. Rademacher’s career has been dedicated to researching how policy and regulatory changes in labor and financial markets influence economic decision-making and opportunity. She has testified on numerous occasions before Congress on a range of credit, savings and tax policy topics, and is a frequent resource for journalists covering consumer finance and inequality issues. Prior to coming to Aspen, Rademacher served in research and leadership roles with the Corporation for Enterprise Development (CFED), the Center for Applied Behavioral and Evaluation Research at AED, and the Aspen Institute Economic Opportunities Program.

Ellen Seidman, Member, Consumer Advisory Board, Consumer Finance Protection Bureau; Editor, What Works for America’s Communities, and What It’s Worth @esseidman

Ellen Seidman is a senior fellow at the Urban Institute, focusing on housing finance and community development. Since 2012, she has been a member of the Consumer Advisory Board of the Consumer Financial Protection Bureau. From 1997 through 2001, she was the director of the office of thrift supervision, and concurrently served as chair of the board for the Neighborhood Reinvestment Corporation. From 1993 to 1997 she was special assistant to the president for economic policy. Seidman received her MBA from George Washington University, her JD from Georgetown University Law Center, and her bachelor's degree from Radcliffe College.

Eric Nee, Managing Editor, Stanford Social Innovation Review

Eric Nee is the managing editor of Stanford Social Innovation Review, published by the Center on Philanthropy and Civil Society at Stanford University, and co-host of the Social Innovation Conversations podcast channel. He has more than 30 years’ experience in the publishing industry, most of it covering the high-tech industry. Before joining Stanford, Nee was a senior writer for Fortune magazine in the Palo Alto, Calif., bureau. He also helped Time Inc. launch eCompany Now (where he was executive editor), which later merged with Business 2.0. Before joining Fortune, Nee launched Forbes magazine’s Silicon Valley bureau, where he was bureau manager. He also served as editor-in-chief of Upside magazine for close to five years.