In practice, if no other instruments are available, proxy means-tested cash transfers will be systematically too little, too late. Indeed, ownership of productive assets is often a factor in eligibility calculation. In a study of four Latin American countries based on nationally representative household surveys, da Costa et al (2011) find that 44 million of the 72 million workers in households with adult equivalent income between 50 and 150% of median earnings are informal. Figure 6.8 illustrates this point.