Responsibility, planning and risk management: moralizing everyday finance through financial education

The British Journal of Sociology
Daniel Maman, Zeev Rosenhek

Abstract

The individualization, privatization and marketization of risk management represent a fundamental dimension of the financialization of everyday life. As individuals are required to engage with financial products and services as the main way of protecting themselves from risks and uncertainties, their economic welfare and security are construed as depending largely on their own financial decisions. Within this setting, the concept of financial literacy and accompanying practices of financial education have emerged as a prominent institutional field handling the formulation and communication of the attributes and dispositions that arguably constitute the proper financial actor. This article analyzes financial education programmes currently conducted by state agencies in Israel, examining the notions and principles they articulate when defining and explaining proper financial conduct. The study indicates that moral themes and categories occupy a salient place in the formulation of the character traits that constitute the desired literate financial actor. Notions of individual responsibility, planning ahead and rational risk management are presented not merely as instrumental resources, but as moral imperatives. Through these notio...Continue Reading

References

Nov 1, 1978·AJS; American Journal of Sociology·V A Zelizer
Feb 11, 2015·Health Economics, Policy, and Law·David Morgan, Roberto Astolfi

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