Careful Hustlers

19% of Pakistan | 24.4 million people

confident, disciplined, investment-minded

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Watch Karan's

Short Documentary

KARAN'S STORY

Meet Karan

 

"Because we don’t have our own house, we’re depending on others, and we have to do favors

for the landlord."

Karan is the 19 year old son of a sharecropping family in Sindh province. He is the youngest of three brothers, and has six sisters. Despite his age and position in the family, he is the household’s primary earner. Karan credits both his parents’ support and his own drive for his current success. When Karan was only 12 years old, his parents gave him permission to start working and apprenticing with a local mechanic. This set him apart from his peers. He spent the next six years learning the business instead of attending school. Early in his apprenticeship, he decided that he was capable of starting his own shop and began planning to do so. He aspired to escape the sharecropping trap that doomed his parents to poverty.

What are Karan’s long-term business aspirations and what financial strategies has he been employing to achieve these?

 
 

SEGMENT OVERVIEW

Careful Hustlers,

by the numbers

Like Karan, Careful Hustlers are mostly lower-middle income young to middle adult men who are heads of the household. Approximately 24.4 million people (19% of the Pakistan population) fall in this segment.

Careful Hustlers

Pakistan Average

GENDER (MALE)

75%

49%

AGE (25-44)

64%

60%

SOCIOECONOMIC (SES 1-3)

65%

60%

HIGH INCOME VOLATILITY

65%

46%

Careful Hustlers experience high income volatility, the highest amongst segments, and struggle more than any other segment to plan their expenses and pay bills. This suggests that their tools and strategies for shaping income and expenses are not sufficient. Moreover, their income and expense management struggles likely suppress their confidence and ability to save, and exacerbate their overall financial management challenges.

Financial Behavior & Attitudes

SAVINGS BEHAVIOR & ATTITUDES

Most Careful Hustlers rarely or never save, and only one-fifth are frequent savers. They are the second least frequent savers nationally. They are not deliberate, goal-oriented savers and feel as if they don’t earn enough to save.

SAVINGS ACCOUNTS

Those who save prefer to do so with family or in the home, which may help them stabilize income and keep in good standing with family members. Very few use informal or formal groups. Careful Hustlers are more likely than average Pakistanis to use mobile money for saving, but rarely do so in general.

BORROWING BEHAVIOR & ATTITUDES

They are the most frequent borrowers in Pakistan, yet most rarely or never borrow. A quarter are frequent borrowers, doing so quarterly or more and almost exclusively from family. However, they exhibit low dependability  and nearly half are uncomfortable holding debt.

BORROWING ACCOUNTS

They rarely borrow from others using group channels or mobile money

Careful Hustlers

Pakistan Average

Explore our complete set of findings:

 

DESIGN OPPORTUNITIES

How might we create products and services

for Careful Hustlers that...

Restrict Savings Liquidity

Limit immediate large withdrawals to support them in their desire to build long-term savings goals

Leverage Their High Technology Use

Deliver personalized financial planning tools through digital channels, especially among youth in this segment

Reinforce Their

Sense of Agency

Help them establish clear and achievable near term financial goals that can mature into longer term goals

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 The Human Account is led, created and developed by Dalberg with Rockefeller Philanthropy Advisors, and funded by the Bill & Melinda Gates Foundation.

 

Local partners are Lagos Business School in Nigeria, Ashoka University in India, not-for-profit development finance company, Karandaaz in Pakistan, and research and advisory firm, Busara Center for Behavioral Economics in Kenya.