Save now, pay later, a debt-rimental focus?
Managing money effectively is challenging for anyone. Contrary to conventional wisdom or, perhaps the prevailing, ideologically informed mental model those with less are often better at managing what money they have. To put it another way, the better off may be pretty bad at money management but have more room for manoeuvre - or ‘slack’ - than those with less.
Everyone needs help but how do we develop genuinely inclusive products and services that attend to the specific contexts and needs of the more and less advantaged? We certainly need to do better than just say people need to be educated in ‘financial literacy’, whatever that might mean. A productive starting point might be the mental models that we have about money.
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