Janice Evans is an african-american woman who lives in a small town in
woman who lives in a small town in
woman who lives in a small town in eastern Mississippi with her child and
eastern Mississippi with her child and
eastern Mississippi with her child and her grandson she’s about my age and I’ve
her grandson she’s about my age and I’ve
her grandson she’s about my age and I’ve gotten to know her over the last few
gotten to know her over the last few
gotten to know her over the last few years about 20 years ago she saw an ad
years about 20 years ago she saw an ad
years about 20 years ago she saw an ad in the newspaper that offered to teach
in the newspaper that offered to teach
in the newspaper that offered to teach how to deal cards at casinos and you’ll
how to deal cards at casinos and you’ll
how to deal cards at casinos and you’ll find her in the evenings dealing cards
find her in the evenings dealing cards
find her in the evenings dealing cards at a local Indian Reservation where they
at a local Indian Reservation where they
at a local Indian Reservation where they have a casino and she specializes in
have a casino and she specializes in
have a casino and she specializes in blackjack and poker but on Sundays
blackjack and poker but on Sundays
blackjack and poker but on Sundays you’ll find her at church churches a
you’ll find her at church churches a
you’ll find her at church churches a cornerstone of Janice’s life her father
cornerstone of Janice’s life her father
cornerstone of Janice’s life her father is a pastor in a small Church she tithes
is a pastor in a small Church she tithes
is a pastor in a small Church she tithes 10% over income as much as she can she
believes that being in church really
believes that being in church really matters a great deal and if she knows if
matters a great deal and if she knows if
matters a great deal and if she knows if she’s not there she’s going to hear
she’s not there she’s going to hear
she’s not there she’s going to hear about it Janice is not a gambler but her
about it Janice is not a gambler but her
about it Janice is not a gambler but her life is bound up with the Gamble’s of
life is bound up with the Gamble’s of
life is bound up with the Gamble’s of the people in the casino often she wants
the people in the casino often she wants
the people in the casino often she wants them just to stay home and save their
them just to stay home and save their
them just to stay home and save their money and be home with their families
money and be home with their families
money and be home with their families but she knows that her life is bound up
but she knows that her life is bound up
but she knows that her life is bound up with theirs when they’re doing well
with theirs when they’re doing well
with theirs when they’re doing well she’s doing well when they’re losing
she’s doing well when they’re losing
she’s doing well when they’re losing she’s losing and she sees this in her
she’s losing and she sees this in her
she’s losing and she sees this in her paycheck a lot of her paycheck is made
paycheck a lot of her paycheck is made
paycheck a lot of her paycheck is made up of tips or in the gambling world what
up of tips or in the gambling world what
up of tips or in the gambling world what they call tokes tokens of gratitude the
they call tokes tokens of gratitude the
they call tokes tokens of gratitude the gamblers are feeling a lot more
gamblers are feeling a lot more
gamblers are feeling a lot more gratitude when they’re winning and
gratitude when they’re winning and
gratitude when they’re winning and Janice sees that she also earns a lot
Janice sees that she also earns a lot
Janice sees that she also earns a lot more in the summer it’s when the casinos
more in the summer it’s when the casinos
more in the summer it’s when the casinos full people are out there having a good
full people are out there having a good
full people are out there having a good time most of them she sees a lot smaller
time most of them she sees a lot smaller
time most of them she sees a lot smaller paychecks in the winter when people are
paychecks in the winter when people are
paychecks in the winter when people are staying home and doing some other things
staying home and doing some other things
staying home and doing some other things Janice bears those risks in many ways
Janice bears those risks in many ways
Janice bears those risks in many ways even though she doesn’t gamble herself
even though she doesn’t gamble herself
even though she doesn’t gamble herself she is also taking a lot of risks
she is also taking a lot of risks
she is also taking a lot of risks Janice also earns more when University
Janice also earns more when University
Janice also earns more when University of Alabama plays Mississippi State and
of Alabama plays Mississippi State and
of Alabama plays Mississippi State and she knows that the Alabama fans are
she knows that the Alabama fans are
she knows that the Alabama fans are going to stop with a casino and gamble
going to stop with a casino and gamble
going to stop with a casino and gamble all night after the game it’s all on her
all night after the game it’s all on her
all night after the game it’s all on her shoulders
shoulders
shoulders we see this in Janice’s paychecks
we see this in Janice’s paychecks
we see this in Janice’s paychecks Janice’s paychecks go up and down
Janice’s paychecks go up and down
Janice’s paychecks go up and down through the year we tracked Janice’s
through the year we tracked Janice’s
through the year we tracked Janice’s paychecks every two weeks and you can
paychecks every two weeks and you can
paychecks every two weeks and you can see how they swing from a high of $1,200
see how they swing from a high of $1,200
see how they swing from a high of $1,200 to a low of about $900 a swing of about
to a low of about $900 a swing of about
to a low of about $900 a swing of about 30% and if what you knew about Janice
30% and if what you knew about Janice
30% and if what you knew about Janice was that she had a certain average
was that she had a certain average
was that she had a certain average income which is given by the red line
income which is given by the red line
income which is given by the red line you think she’s doing okay in her part
you think she’s doing okay in her part
you think she’s doing okay in her part of Mississippi but once you see the ups
of Mississippi but once you see the ups
of Mississippi but once you see the ups and downs of her paychecks you can see
and downs of her paychecks you can see
and downs of her paychecks you can see why Janice is stressed you can see why
why Janice is stressed you can see why
why Janice is stressed you can see why life is difficult you can see her
life is difficult you can see her
life is difficult you can see her strategies her obstacles and her
strategies her obstacles and her
strategies her obstacles and her challenges Janice was one of 253
challenges Janice was one of 253
challenges Janice was one of 253 households
households
households families that we got to know my partners
families that we got to know my partners
families that we got to know my partners and me and the team we had created
and me and the team we had created
and me and the team we had created through a project called the US
through a project called the US
through a project called the US financial Diaries we wrote a book called
financial Diaries we wrote a book called
financial Diaries we wrote a book called the financial Diaries co-written with
the financial Diaries co-written with
the financial Diaries co-written with Rachel Schneider of the Center for
Rachel Schneider of the Center for
Rachel Schneider of the Center for Financial Services innovation and what
Financial Services innovation and what
Financial Services innovation and what we saw with those families started to
we saw with those families started to
we saw with those families started to add up to a new picture of what’s going
add up to a new picture of what’s going
add up to a new picture of what’s going on in America now the families were all
on in America now the families were all
on in America now the families were all low and moderate-income all had workers
low and moderate-income all had workers
low and moderate-income all had workers they were all working to get ahead they
they were all working to get ahead they
they were all working to get ahead they were not just in Mississippi but also
were not just in Mississippi but also
were not just in Mississippi but also San Jose Cincinnati New York City it all
San Jose Cincinnati New York City it all
San Jose Cincinnati New York City it all came together to show a picture and not
came together to show a picture and not
came together to show a picture and not just a snapshot now we’ve got lots of
just a snapshot now we’ve got lots of
just a snapshot now we’ve got lots of snapshots and snapshots are revealing we
snapshots and snapshots are revealing we
snapshots and snapshots are revealing we have snapshots which are photos but we
have snapshots which are photos but we
have snapshots which are photos but we also have essentially snapshots which
also have essentially snapshots which
also have essentially snapshots which are data that just give a snapshot at
are data that just give a snapshot at
are data that just give a snapshot at one point in time like say the
one point in time like say the
one point in time like say the unemployment rate the unemployment rate
unemployment rate the unemployment rate
unemployment rate the unemployment rate today is pretty low it’s four point
today is pretty low it’s four point
today is pretty low it’s four point three percent nationally that’s pretty
three percent nationally that’s pretty
three percent nationally that’s pretty low but it only counts jobs and like
low but it only counts jobs and like
low but it only counts jobs and like Janice a lot of people have steady jobs
Janice a lot of people have steady jobs
Janice a lot of people have steady jobs but they don’t have steady income and to
but they don’t have steady income and to
but they don’t have steady income and to see that you need a different kind of
see that you need a different kind of
see that you need a different kind of picture and a different kind of data
picture and a different kind of data
picture and a different kind of data data that follows people day in day in
data that follows people day in day in
data that follows people day in day in day in and day out weekend
day in and day out weekend
day in and day out weekend week out to create something like a data
week out to create something like a data
week out to create something like a data movie that can tell a richer story about
movie that can tell a richer story about
movie that can tell a richer story about life today because when we did that we
life today because when we did that we
life today because when we did that we saw some remarkable things we saw that
saw some remarkable things we saw that
saw some remarkable things we saw that across our sample of 253 households on
across our sample of 253 households on
across our sample of 253 households on average they spent five months out of
average they spent five months out of
average they spent five months out of the year with income either 25% above or
the year with income either 25% above or
the year with income either 25% above or 25% below their monthly average we often
25% below their monthly average we often
25% below their monthly average we often assume that people have some basic
assume that people have some basic
assume that people have some basic stability but that’s not what we saw in
stability but that’s not what we saw in
stability but that’s not what we saw in our data and with that instability came
our data and with that instability came
our data and with that instability came a difficulty budgeting planning saving
a difficulty budgeting planning saving
a difficulty budgeting planning saving doing all those things that we think are
doing all those things that we think are
doing all those things that we think are fundamentals of a good financial life
fundamentals of a good financial life
fundamentals of a good financial life now those ups and downs were happening
now those ups and downs were happening
now those ups and downs were happening for a variety of reasons as with Janus
for a variety of reasons as with Janus
for a variety of reasons as with Janus some of it was from earning tips some of
some of it was from earning tips some of
some of it was from earning tips some of it was from living life earning
it was from living life earning
it was from living life earning Commission like a truck mechanic we got
Commission like a truck mechanic we got
Commission like a truck mechanic we got to know sometimes people would depend on
to know sometimes people would depend on
to know sometimes people would depend on side jobs those side jobs would come and
side jobs those side jobs would come and
side jobs those side jobs would come and go but increasingly it’s hourly workers
go but increasingly it’s hourly workers
go but increasingly it’s hourly workers whose hours go up and down out of their
whose hours go up and down out of their
whose hours go up and down out of their control and that’s happening
control and that’s happening
control and that’s happening increasingly in the retail sector and in
increasingly in the retail sector and in
increasingly in the retail sector and in the service sector which are growing
the service sector which are growing
the service sector which are growing parts of our economy those ups and downs
parts of our economy those ups and downs
parts of our economy those ups and downs play out not just in inconveniences with
play out not just in inconveniences with
play out not just in inconveniences with childcare and other planning but also in
childcare and other planning but also in
childcare and other planning but also in people’s paychecks and it wasn’t just
people’s paychecks and it wasn’t just
people’s paychecks and it wasn’t just our households our early work inspired
our households our early work inspired
our households our early work inspired the Federal Reserve to start asking
the Federal Reserve to start asking
the Federal Reserve to start asking questions about income ups and downs and
questions about income ups and downs and
questions about income ups and downs and other ups and downs in their national
other ups and downs in their national
other ups and downs in their national surveys and when they looked at
surveys and when they looked at
surveys and when they looked at thousands of households they saw
thousands of households they saw
thousands of households they saw something similar one-third of Americans
something similar one-third of Americans
something similar one-third of Americans reported that their monthly income went
reported that their monthly income went
reported that their monthly income went up and down to some degree and for many
up and down to some degree and for many
up and down to some degree and for many that was creating financial problems for
that was creating financial problems for
that was creating financial problems for 13% reported not being able to pay the
13% reported not being able to pay the
13% reported not being able to pay the bills on time simply because of those
bills on time simply because of those
bills on time simply because of those ups and downs and those challenges were
ups and downs and those challenges were
ups and downs and those challenges were more pronounced for Hispanic and black
more pronounced for Hispanic and black
more pronounced for Hispanic and black households but
households but
households but challenges met a lot of different things
challenges met a lot of different things
challenges met a lot of different things and one part of it was not being able to
and one part of it was not being able to
and one part of it was not being able to plan because the ups and downs meant it
plan because the ups and downs meant it
plan because the ups and downs meant it was difficult to stay focused and keep
was difficult to stay focused and keep
was difficult to stay focused and keep to a budget no matter how diligent one
to a budget no matter how diligent one
to a budget no matter how diligent one tried to be but it was more than that we
tried to be but it was more than that we
tried to be but it was more than that we also saw people who are not on average
also saw people who are not on average
also saw people who are not on average poor like Janice who because of the ups
poor like Janice who because of the ups
poor like Janice who because of the ups and downs experienced some months of the
and downs experienced some months of the
and downs experienced some months of the year when they were below the poverty
year when they were below the poverty
year when they were below the poverty line they put them at all odd position
line they put them at all odd position
line they put them at all odd position of feeling poor some of the time but not
of feeling poor some of the time but not
of feeling poor some of the time but not the rest of the time but more than that
the rest of the time but more than that
the rest of the time but more than that our system and our policies are not
our system and our policies are not
our system and our policies are not designed for those kinds of ups and
designed for those kinds of ups and
designed for those kinds of ups and downs and those kinds of needs at the
downs and those kinds of needs at the
downs and those kinds of needs at the same time we saw households that were
same time we saw households that were
same time we saw households that were poor but had months when they weren’t
poor but had months when they weren’t
poor but had months when they weren’t poor and they also weren’t sure how to
poor and they also weren’t sure how to
poor and they also weren’t sure how to take advantage of that or saw that the
take advantage of that or saw that the
take advantage of that or saw that the system really wasn’t working with those
system really wasn’t working with those
system really wasn’t working with those situations but Janice wasn’t passive in
situations but Janice wasn’t passive in
situations but Janice wasn’t passive in the face of all this she understood what
the face of all this she understood what
the face of all this she understood what was going on she was working to try to
was going on she was working to try to
was going on she was working to try to fix things and she had some solutions
fix things and she had some solutions
fix things and she had some solutions they weren’t perfect and she knew they
they weren’t perfect and she knew they
they weren’t perfect and she knew they weren’t perfect but one of them was that
weren’t perfect but one of them was that
weren’t perfect but one of them was that a few years back she had gotten in
a few years back she had gotten in
a few years back she had gotten in trouble with payday lenders now you know
trouble with payday lenders now you know
trouble with payday lenders now you know you can get trapped from payday lenders
you can get trapped from payday lenders
you can get trapped from payday lenders and Janice had gotten trapped what she
and Janice had gotten trapped what she
and Janice had gotten trapped what she did to try to keep that at bay was she
did to try to keep that at bay was she
did to try to keep that at bay was she realized that if she didn’t have any
realized that if she didn’t have any
realized that if she didn’t have any checks that she couldn’t go to the
checks that she couldn’t go to the
checks that she couldn’t go to the payday lender because in her part of
payday lender because in her part of
payday lender because in her part of Mississippi a payday lender requires
Mississippi a payday lender requires
Mississippi a payday lender requires that you have a post-dated check that
that you have a post-dated check that
that you have a post-dated check that you handover in order to get your loan
you handover in order to get your loan
you handover in order to get your loan so when her checks ran out she didn’t
so when her checks ran out she didn’t
so when her checks ran out she didn’t order another supply Janice said wolf I
order another supply Janice said wolf I
order another supply Janice said wolf I didn’t have the checks I’m not tempted
didn’t have the checks I’m not tempted
didn’t have the checks I’m not tempted anymore this is a constantly strategy
anymore this is a constantly strategy
anymore this is a constantly strategy now Janice when she pays her bills she
now Janice when she pays her bills she
now Janice when she pays her bills she uses money orders and if you look just
uses money orders and if you look just
uses money orders and if you look just from outside you think wow that’s
from outside you think wow that’s
from outside you think wow that’s irrational
irrational
irrational that’s just crazy that’s costly but once
that’s just crazy that’s costly but once
that’s just crazy that’s costly but once you see the ups and downs and the
you see the ups and downs and the
you see the ups and downs and the challenges and the difficulties you can
challenges and the difficulties you can
challenges and the difficulties you can start to see the logic
start to see the logic
start to see the logic another thing Janice did was she opened
another thing Janice did was she opened
another thing Janice did was she opened an account at a credit union that’s an
an account at a credit union that’s an
an account at a credit union that’s an hour south of her she did that because
hour south of her she did that because
hour south of her she did that because she figured it would stop the temptation
she figured it would stop the temptation
she figured it would stop the temptation to just withdraw money
to just withdraw money
to just withdraw money whim it’s hard enough to keep saving but
whim it’s hard enough to keep saving but
whim it’s hard enough to keep saving but hard enough also to keep money in the
hard enough also to keep money in the
hard enough also to keep money in the bank she went one step further she had
bank she went one step further she had
bank she went one step further she had an ATM card she snipped it up if she
an ATM card she snipped it up if she
an ATM card she snipped it up if she said hey that’s fine with me she you
said hey that’s fine with me she you
said hey that’s fine with me she you liked the distance she liked the
liked the distance she liked the
liked the distance she liked the inconvenience but she knew that if she
inconvenience but she knew that if she
inconvenience but she knew that if she really really needed to get the money
really really needed to get the money
really really needed to get the money she could drive there
she could drive there
she could drive there those aren’t perfect solutions Janice
those aren’t perfect solutions Janice
those aren’t perfect solutions Janice deserves better and needs better and
deserves better and needs better and
deserves better and needs better and could use other solutions but we can
could use other solutions but we can
could use other solutions but we can start to learn from some of what she’s
start to learn from some of what she’s
start to learn from some of what she’s doing one day at church Janice was
doing one day at church Janice was
doing one day at church Janice was having a rough time been a difficult
having a rough time been a difficult
having a rough time been a difficult week I’ve been a difficult month her
week I’ve been a difficult month her
week I’ve been a difficult month her father called a prayer line and
father called a prayer line and
father called a prayer line and congregants lined up down the center
congregants lined up down the center
congregants lined up down the center aisle waiting for a prayer or blessing
aisle waiting for a prayer or blessing
aisle waiting for a prayer or blessing something to help ease an illness or
something to help ease an illness or
something to help ease an illness or struggle and when Janice’s turn came up
struggle and when Janice’s turn came up
struggle and when Janice’s turn came up her father put out his hand on her
her father put out his hand on her
her father put out his hand on her forehead he lowered his voice so that
forehead he lowered his voice so that
forehead he lowered his voice so that only she could hear and he didn’t offer
only she could hear and he didn’t offer
only she could hear and he didn’t offer her a prayer he said you’ve got to stop
her a prayer he said you’ve got to stop
her a prayer he said you’ve got to stop worrying it’ll be all right
worrying it’ll be all right
worrying it’ll be all right and Janice said in that moment she knew
and Janice said in that moment she knew
and Janice said in that moment she knew she still had troubles and she’s
she still had troubles and she’s
she still had troubles and she’s continued to have troubles but a weight
continued to have troubles but a weight
continued to have troubles but a weight lift and it became easier but Janice
lift and it became easier but Janice
lift and it became easier but Janice said I try to be a good person I’m not
said I try to be a good person I’m not
said I try to be a good person I’m not an important person I just do what I do
an important person I just do what I do
an important person I just do what I do and I go home but I try to be a good
and I go home but I try to be a good
and I go home but I try to be a good person we met a lot of good people
person we met a lot of good people
person we met a lot of good people through the financial diary study but
through the financial diary study but
through the financial diary study but they were struggling and participating
they were struggling and participating
they were struggling and participating in our study frankly was hard work for
in our study frankly was hard work for
in our study frankly was hard work for them it was tedious they had to open
them it was tedious they had to open
them it was tedious they had to open themselves up and discuss parts of their
themselves up and discuss parts of their
themselves up and discuss parts of their lives that were often embarrassing or
lives that were often embarrassing or
lives that were often embarrassing or painful because we asked them to share
painful because we asked them to share
painful because we asked them to share with us everything they did throughout
with us everything they did throughout
with us everything they did throughout the year every financial transaction
the year every financial transaction
the year every financial transaction every gift of the church every
every gift of the church every
every gift of the church every interaction with the government
interaction with the government
interaction with the government everything and we asked
everything and we asked
everything and we asked and why’d they do that we were glad they
and why’d they do that we were glad they
and why’d they do that we were glad they did but we wanted to know in the end
did but we wanted to know in the end
did but we wanted to know in the end what caused them to participate in this
what caused them to participate in this
what caused them to participate in this study they said you know it’s often that
study they said you know it’s often that
study they said you know it’s often that we feel invisible and more than that our
we feel invisible and more than that our
we feel invisible and more than that our struggles feel invisible and maybe by
struggles feel invisible and maybe by
struggles feel invisible and maybe by participating in this project people can
participating in this project people can
participating in this project people can start to see what’s really going on with
start to see what’s really going on with
start to see what’s really going on with us and start to see what it’s like to
us and start to see what it’s like to
us and start to see what it’s like to have steady jobs but not steady pay be
have steady jobs but not steady pay be
have steady jobs but not steady pay be poor some of the time but not all the
poor some of the time but not all the
poor some of the time but not all the time to save like crazy work really hard
time to save like crazy work really hard
time to save like crazy work really hard to save but not in the end having long
to save but not in the end having long
to save but not in the end having long term savings in fact three-quarters of
term savings in fact three-quarters of
term savings in fact three-quarters of the families we met their savings in the
the families we met their savings in the
the families we met their savings in the bank were earmarked for spending within
bank were earmarked for spending within
bank were earmarked for spending within the year they weren’t recklessly
the year they weren’t recklessly
the year they weren’t recklessly spending at all they were saving but
spending at all they were saving but
spending at all they were saving but they weren’t ending up with long term
they weren’t ending up with long term
they weren’t ending up with long term saving and they said if people can start
saving and they said if people can start
saving and they said if people can start to see these challenges and start to
to see these challenges and start to
to see these challenges and start to work with them then we’ll we’ll join
work with them then we’ll we’ll join
work with them then we’ll we’ll join your effort so a small step that we can
your effort so a small step that we can
your effort so a small step that we can take it’s just to remind ourselves that
take it’s just to remind ourselves that
take it’s just to remind ourselves that it’s not always right
it’s not always right
it’s not always right to extrapolate from our own experiences
to extrapolate from our own experiences
to extrapolate from our own experiences or just to look at aggregate data or
or just to look at aggregate data or
or just to look at aggregate data or even annual incomes like Janice’s but to
even annual incomes like Janice’s but to
even annual incomes like Janice’s but to remember that life isn’t just lived year
remember that life isn’t just lived year
remember that life isn’t just lived year by year it’s also lived month by month
by year it’s also lived month by month
by year it’s also lived month by month and week by week
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