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Tim Harford explains the numbers and statistics in the news and in life

Tim Harford explains the numbers and statistics in the news and in life.

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Finance trouble

20/01/2018 GMT

Real Lives Behind the Numbers

BBC World Service - More or Less, Real Lives Behind the Numbers

How individuals manage their money - the personal stories behind economic data.

How individuals manage their money - the personal stories behind economic data..

If you ask an economist to explain what is happening in a country’s economy. They rely on economic data points to describe what is happening – they might talk about the unemployment rate, average wages, and the numbers of people in poverty. They pull together the information available for thousands or millions of people to work out trends.

But are we getting the whole picture?

We speak to Rachel Schneider, co-author of the book, ‘The Financial Diaries’. It’s based on a large study in the USA. Over a period of a year from 2012 to 2013, researchers interviewed several families about how they were managing their money to find out the personal stories behind economic data.

Presenter and Producer: Charlotte McDonald

(Photo: A couple looking at their finances. Credit: Wayhome Studio/Shutterstock)

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