2 out of 3 Americans worry about money for an average of 2 hours per day.
Despite the US achieving the highest GDP in the world since 1960, less than 55% of Americans have 3 months of emergency savings.
In many Western individualistic societies, individuals manage their finances independently.
<aside> 💡 Humans are 95% more likely to achieve goals when they are accountable to others. "The whole is greater than the sum of its parts" - Aristotle.
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To achieve greater financial health for everyone, we need community accountability in today's financial systems.
This is not new.
In Mexico, approximately one-third of the population participates in money pooling groups.
And it works.
In a study of 130 saving circles or money pooling groups, the nonpayment rate was found to be 0.005%.
However, when handled manually, these community mechanisms have the following drawbacks: