Kirsten Moy from the Aspen Institute joined forces with the National Federation of Community Development Credit Unions (the Federation) to study the financial service needs and behaviors of very low income (VLI) consumers in the U.S.
The purpose of the research was twofold: first, to determine whether very low income Consumers (i.e., those with incomes of less than $20,000) constitute a distinct market segment from low to moderate income consumers in terms of their usage and demand for financial products and services; and second, to investigate how socially-minded financial institutions could sustainably meet that market demand.
Review this partner research to understand why very low income consumers have different needs and why traditional budgetary practices do not work for this segment of the population.
Resources Sponsors
This partner research was sponsored by the Ford Foundation.
