Saving for a rainy day – in alternative ways: part 1
- December 21, 2015
- Research by IMTFI fellow Janet Arnado is featured in The Guardian December 21, 2015
From the Guardian:
According to the World Bank Global Findex database, while most adults save money, few use a bank or other formal institution to do so. This two-part report looks alternate savings methods – using unusual hiding places or recirculating funds within the community. IMTFI fellow Janet Arnado, a Philippines-based sociologist with the Research Institute for Gender and Women Inc, found that because poor Filipino women living in the hinterland are far from a town and without transportation, few of them have bank accounts. "So," Arnado notes notes, "they store coins in visible places like Coca-Cola bottles or short bamboo poles. They conceal more lucrative bills in clothing and pillows. They creatively protect their money in order to deceive thieves as well as their husbands while increasing their bargaining power within the household."
For the full story, please visit http://www.theguardian.com/visa-partner-zone/2015/dec/21/alternative-savings-philippines-world-bank-global-findex.