Low-income families are getting terrible financial advice online
“In fact, people who are living in poverty often do a better job of tracking where every dollar goes than those at higher income levels, she said, because every dollar matters for them more. The stereotype that poverty is a result of ignorance, a lack of financial literacy, poor budgeting or a lack of willpower is often wrong, said Clifford Robb, an associate professor at the University of Wisconsin-Madison who studies financial literacy. ‘If you look at our financial system, we’ve shifted increasingly to one that places more risk on the individual consumer,’ he said.”