J. F. Williams, Life Insurance of the Poor: An Illumination of Economic Disadvantage (1912)
Pages 8

IT is a commonplace with all who have given attention to economic facts that the poor spend their money to less advantage than the rich. That they do so is in some degree an inevitable result of the fact that they buy in small quantities and so demand an additional process of sub-division in excess of the sub-division required by the rich. But to a far larger degree it is the result of their own financial inexperience and economic weakness – a condition which is perhaps only another name for poverty.