FROM POVERTY, OPPORTUNITY Putting the Market to Work for Lower Income Families

dc.contributor.authorFellowes, Matt
dc.date.accessioned2019-08-14T14:59:57Z
dc.date.available2019-08-14T14:59:57Z
dc.date.issued2006
dc.description.abstractIn general, lower income families tend to pay more for the exact same consumer product than families with higher incomes. For instance, 4.2 million lower income homeowners that earn less than $30,000 a year pay higher than average prices for their mortgages. About 4.5 million lower income households pay higher than average prices for auto loans. At least 1.6 million lower income adults pay excessive fees for furniture, appliances, and electronics. And, countless more pay high prices for other necessities, such as basic financial services, groceries, and insurance. Together, these extra costs add up to hundreds, sometimes thousands, of dollars unnecessarily spent by lower income families every year. Reducing the costs of living for lower income families by just one percent would add up to over $6.5 billion in new spending power for these families. This would enable lower and modest-income families to save for, and invest in, income growing assets, like homes and retirement savings, or to pay for critical expenses for their children, like education and health care.
dc.description.urihttps://www.brookings.edu/reports/2006/07poverty_fellowes.aspx
dc.identifierhttps://doi.org/10.13016/kmct-jmms
dc.identifier.citationFellowes, Matt Brookings Institution (2006) FROM POVERTY, OPPORTUNITY Putting the Market to Work for Lower Income Families. Project Report. UNSPECIFIED.
dc.identifier.otherEprint ID 647
dc.identifier.urihttp://hdl.handle.net/1903/22685
dc.subjectPractice
dc.subjectHealth
dc.subjectlower income families
dc.subjectpoverty
dc.subjecthigher than average prices
dc.subjectcosts of living
dc.subjectmarket dynamics
dc.subjectmarket abuses
dc.titleFROM POVERTY, OPPORTUNITY Putting the Market to Work for Lower Income Families
dc.typeTechnical Report

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