Financial Resilience in Latin America and the Caribbean
Our Work
Building Financial Resilience for Digital Platform Workers and Entrepreneurs
Rapidly growing digital platforms that support independent (“gig”) platform workers and entrepreneurs are transforming the nature of work in the region. However, despite an increase in digital platform work and usage across Latin America and the Caribbean, workers and entrepreneurs remain disconnected from critical safety nets – such as savings and insurance – that could provide a lifeline to weather crises and shocks like the COVID-19 pandemic.
The Challenge
Financial resilience can be understood as the capability of individuals, households and organizations to prepare for financial shocks, deal with them when they occur and recuperate afterwards. For digital platform workers and entrepreneurs, building financial resilience means helping them:
How are we doing this? We will partner with digital platforms and financial organizations that support independent (“gig”) workers and entrepreneurs and collaborate to identify and validate solutions that increase the financial resilience of their users. Each partnership will navigate through our applied research process:
Our Approach
Financial resilience challenges can be both systemic and behavioral. By leveraging behavioral sciences and using rigorous design and research methods, we aim to understand and redesign the environment in which digital platform workers and entrepreneurs make financial decisions, with the goal of increasing their financial resilience.
How are we doing this? We will partner with digital platforms and financial organizations that support independent (“gig”) workers and entrepreneurs and collaborate to identify and validate solutions that increase the financial resilience of their users. Each partnership will navigate through our applied research process:
Common Cents Lab
Financial Resilience in LATAM initiative
- (919) 681-5922
- contact@commoncentslab.org
- 334 Blackwell St #320, Durham, NC 27701
At the Common Cents Lab, we use behavioral science to create solutions that aim to increase the financial well-being for low- to moderate-income people living in the United States and abroad.
The Mastercard Center for Inclusive Growth advances equitable and sustainable economic growth and financial inclusion around the world. The Center leverages the company’s core assets and competencies, including data insights, expertise and technology, while administering the philanthropic Mastercard Impact Fund, to produce independent research, scale global programs and empower a community of thinkers, leaders and doers on the front lines of inclusive growth. For more information and to receive its latest insights, follow the Center on Twitter, @CNTR4growth, LinkedIn and subscribe to its newsletter.