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More or Less: Behind the Stats

WS More or Less: Real Lives Behind the Numbers

More or Less: Behind the Stats

BBC

Business, Mathematics, Science, News Commentary, News

4.63.5K Ratings

🗓️ 22 January 2018

⏱️ 10 minutes

🧾️ Download transcript

Summary

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)

Transcript

Click on a timestamp to play from that location

0:00.0

Just before this BBC podcast gets underway, here's something you may not know.

0:04.6

My name's Linda Davies and I Commission Podcasts for BBC Sounds.

0:08.4

As you'd expect, at the BBC we make podcasts of the very highest quality featuring the most knowledgeable

0:14.3

experts and genuinely engaging voices. What you may not know is that the BBC

0:20.4

makes podcasts about all kinds of things like pop stars,

0:24.6

poltergeist, cricket, and conspiracy theories and that's just a few examples.

0:29.7

If you'd like to discover something a little bit unexpected, find your next podcast over at BBC Sounds.

0:38.0

Hello and welcome to more or less on the BBC World Service, your statistical guide to the World All Around Us.

0:44.0

I'm Charlotte.

0:46.8

If you want to find out what's happening in a country's economy, most people might talk

0:51.0

about the unemployment rate, average wages, or perhaps the numbers of people

0:56.0

in poverty. These statistics are created by pulling together the data of thousands, if not

1:02.2

millions of people.

1:04.0

But are we getting the whole picture?

1:08.0

So the data we collect is great for lots of things, right?

1:12.0

It's not that there's anything inherently wrong with it,

1:15.0

but it tends to be averages.

1:17.0

And so it misses the ups and downs in between,

1:20.0

it misses the individual stories,

1:22.0

the aggregates hide a lot of really important

1:25.1

information and so that movement of money over time in somebody's life is really

1:30.5

crucial when you think about what you need to know from financial data.

...

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