Did you know that low-income Mongolians are better at managing daily finances than higher income earners, although those with better incomes are more likely to make provisions for the future?
These were the findings of a comprehensive demand-side assessment on financial capability in Mongolia which the World Bank Group carried out in 2013.
These findings make sense. Poor people – those with low and irregular incomes – devote a lot of time to thinking about how to stretch their money to put food on the table while being able to cover other daily spending needs. They tend to have surprisingly sophisticated financial lives despite having limited income, the Portfolios of the Poor found.