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An Invisible Finance Sector: How Households Use Financial Tools of Their Own Making
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In this issue brief, we explain what informal finance is and how informal savings and borrowing tools are used; some reasons why people use such informal tools; the benefits, costs and limits of informal finance; and the implications of these findings for financial services providers and policymakers. We describe the role of informal financial tools in the lives of two families: the Leons and Melinda Perez (names and personal details have been changed to protect the anonymity of participants).

Author: Jonathan Morduch, Rachel Schneider, Timothy Ogden
Topic: Asset building and saving
Publisher: U.S. Financial Diaries
Location: United States
Format: Report
Content Type: Research
Publication Date: August 31, 2014