Results tagged “lowincome”

Researchers are serving up more explanations as to why two recent reports on the effectiveness of the city’s ground-breaking calorie labeling law appear to contradict one another. The researchers told the Times that differences in focus and size might clarify the discrepancies.

According to a survey of low-income New Yorkers, Crain's reports that "two-thirds have less than $1,000 in savings to fall back on should even tougher times hit, while one-third have no savings at all."

A new study by several professors at NYU and Yale has taken a close look at the purchasing habits of fast-food consumers in poor NYC neighborhoods with high rates of obesity. Researchers were curious to find out if the law requiring chain restaurants to prominently display their calorie information was influencing customers' choices, and what they found was probably not what the Health Department had hoped for when implementing the rules in 2008.

Even though consumer banks seem to be opening on every block these days, a new study from the Pew Charitable Trust shows that a staggering 12% of New York households still don't have bank accounts, preferring to cash their checks and hide their savings in their houses. Many of those are low-income earners and the NY Times cites LES bodega owner, Jose Alberto Abreau, as an example: "When he makes 'good money,' he said, he asks friends to take it to his family in the Dominican Republic." Additionally, he has repeatedly refused offers from credit union workers trying to convince him to build a credit history. Not surprisingly, the volatile economy hasn't helped banks earn anyone's trust. Peter Mosbacher of Amalgamated Bank admitted that they "are having that challenge to get people to understand that the American banking system is stable." Maybe the skeptics are on to something, though, because how is anyone supposed to trust banks when they take years to catch NYU scammers?