The significance of financial self-efficacy in explaining women’s personal finance behaviour

Much policy attention has been placed on enhancing individuals’ financial knowledge and literacy, chiefly through financial education programs. However, managing one’s personal finances takes more than financial knowledge and literacy: an individual also needs a sense of self-assuredness, or ‘self-belief’, in their own capabilities. This personal attribute is known within the psychology literature as ‘self-efficacy’. This paper examines the significance of an individual’s financial self-efficacy in explaining their personal finance behaviour, through the application of a psychometric instrument. Using a 2013 survey of Australian women, financial self-efficacy emerges as one of the strongest predictors of the type and number of financial products that a woman holds. Specifically, our analysis reveals that women with higher financial self-efficacy – that is, with greater self-assuredness in their financial management capacities – are more likely to hold investment and savings products, and less likely to hold debt-related products. Even alongside other important factors – such as education, financial risk preferences, age and household income – the explanatory power of financial self-efficacy is found to be significant at the 1% critical level. Moreover, the significance of financial self-efficacy is independently identified from that of financial literacy factors, which bears important implications for the development of policies aiming to improve financial outcomes.     

The restructuring of the U.K. financial services industry in the 1990s: a reversal of fortune?

Whereas for much of the 1980s the financial services industry was characterised by growth and expansion, the late 1980s and early 1990s was a period of redundancies and financial losses. This paper seeks to explain this reversal of fortune and the responses of the financial services industry. The restructuring of the financial System at a global level, through a process of disintermediation, and at a national level, in response to financial re-regulation, led to an intensification of competition between financial institutions and helped produce a developed countries debt crisis, founded in personal and corporate indebtedness. In the wake of this crisis, the financial services industry has been in transition. Bureaucratic labour market models have been overturned in favour of more flexible variants, while at the same time many financial services firms have engaged in the wholesale spatial reorganisation of their activities. One important consequence has been a process of ‘financial infrastructure withdrawal’, by which services and operations are withdrawn from certain social groups and certain localities. This process, which revolves around a rubric of risk reduction and a ‘flight to quality’, has introduced an element of exclusion and closure to the operation of financial Systems within developed countries. In this sense, the reaction of the financial services industry to the developed countries debt crisis mirrors that which followed the less developed countries debt crisis of the early 1980s; that is, abandonment and retreat to a more affluent client base. As was the case during the less developed countries debt crisis, the current process of financial infrastructure withdrawal has serious social and economic implications for those social groups and localities abandoned by the financial community.     

‘We need to get together and make ourselves heard’: everyday online spaces as incubators of political action

This article examines to what extent, and how, people engaging in political talk within ‘non-political’ discussion forums – online lifestyle communities – leads to political (or personal) action or calls-to-action. The analysis is framed in the context of wider questions of citizenship, civic engagement and political mobilization. To capture everyday political talk amongst citizens requires us to move beyond the now widely analysed online spaces of formal politics. Instead, we focus on online third spaces concerning lifestyle issues such as parenting, personal finance and popular culture. Drawing on a content analysis of three popular UK-based discussion forums over the course of five years (2010–2014), we found that (for two of the three cases) such spaces were more than just talking shops. Rather they were spaces where political actions not only emerged, but where they seemed to be cultivated. Discussions embedded in the personal lives of participants often developed – through talk – into political actions aimed at government (or other) authorities. The article sheds light on the contributing factors and processes that (potentially) trigger and foster action emerging from political talk and provides insight into the mobilization potential of third spaces.     

Disabled people as counterfeit citizens: the politics of resentment past and present

In this article I argue that disabled people in the United Kingdom have been tipped into an abyss of counterfeit citizenship. They have been smeared as ‘false mendicants’ – an old trick well documented in the historical archives of ableism. Neoliberalism has used this repertoire of invalidation – its noxious taint of cunning and fraud – as the ‘moral justification’ for welfare reform and for the pillory and notoriety into which the entire disabled community has been placed. Austerity – through the neoliberal politics of resentment – has made disabled people its scapegoat. I argue that a historical precedent for the contemporary demonisation of disabled people as counterfeit citizens can be found in the early modern period in the mythology of the ‘sturdy beggar’.     

Stakeholder identities in Britain's neoliberal ethical community: Polish narratives of earned citizenship in the context of the UK's EU referendum

This article examines the narrative strategies through which Polish migrants in the UK challenge the formal rights of political membership and attempt to redefine the boundaries of ‘citizenship’ along notions of deservedness. The analysed qualitative data originate from an online survey conducted in the months before the 2016 EU referendum, and the narratives emerge from the open‐text answers to two survey questions concerning attitudes towards the referendum and the exclusion of resident EU nationals from the electoral process. The analysis identifies and describes three narrative strategies in reaction to the public discourses surrounding the EU referendum – namely discursive complicity, intergroup hostility and defensive assertiveness – which attempt to redefine the conditions of membership in Britain's ‘ethical community’ in respect to welfare practices. Examining these processes simultaneously ‘from below’ and ‘from outside’ the national political community, the paper argues, can reveal more of the transformation taking place in conceptions of citizenship at the sociological level, and the article aims to identify the contours of a ‘neoliberal communitarian citizenship’ as internalized by mobile EU citizens.     

Which is the ‘self’ in ‘self‐interest’?

This article contends that homogenisation of the term ‘self‐interest’– in sociological and economic discourse – has resulted in many misconceptions about what particular doctrines of ‘self‐interest’ were instituted to achieve at certain historical periods and in specific cultural milieux. At its worst, the article argues, this has led to a misunderstanding of the import of particular doctrines of self interest,which are read in terms of general tradition – such as that which views self‐interested conduct as a natural faculty – rather than in terms of the context specific aims of those advocating them. The article attempts to show how, historically, there have been quite significant changes in the characterisation of the ‘self’ deemed to be ‘self‐interested’. In particular, it focuses on the ‘self’ of certain early modern conceptions of self interest, and suggests this creation is best viewed not as a subjectivity transcendentally presupposed by experience, but as one historically cultivated to counter the exigencies of particular circumstances – the disaster of perpetual ‘warre’ in 17th century Europe – and to meet the purposes of a certain way of life – existence in the civitas.     

‘It’s all bollocks!’ and other critical standpoints on the UK Government’s vision of global citizenship

The UK Government’s International Citizen Service (ICS) sends volunteers abroad to ‘fight global poverty’ as ‘global citizens’. Perhaps unsurprisingly, the construction of development on the ICS programme forecloses important political and historical contexts, resulting in a model of global citizenship we might term ‘soft’. This article presents data from interviews with ICS volunteers with a specific methodological concern of recognizing the agency of young people and allowing their responses to lead discussion. The outcome is a range of themes across the data that critique the Government’s model of citizenship and, I argue, shows the volunteers to be ‘critical’ global citizens. I then ask whether we can consider this a mode of resistance. I conclude with a final data set that – the case is made – presents an imperative to allow these volunteers to have their perspectives on historical and contemporary North–South relations recognized as a critical mode of global citizenship.     

Crime,citizenship and community: neoliberal communitarian images of governmentality

This article discusses the emergence, in the field of crime and safety, of a formula of government that can be called neoliberal communitarianism. This is a paradoxical governmental strategy that combines a focus on ‘individual responsibility’, ‘community’ and a ‘selectively tough state’. The discussion is based on the Foucaultian triangle of strategy, political programmes and techniques. The substance of this application consists of a discussion of recent Dutch political programmes and techniques in crime and safety policies. The discussion includes the local case of Rotterdam, a city at times regarded as a ‘policy laboratory’. Specifically, the role that notions of citizenship and community play in crime and safety policies is analysed. We hereby point at two different manifestations of responsibilization – repressive responsibilization and facilitative responsibilization – aimed at two governmentally differentiated populations. In addition, we describe how neoliberal communitarianism entails the selective exclusion of subjects imagined as ‘high risk’. Because the government of crime tells us much about the government of ‘society’, neoliberal communitarianism is a useful concept to grasp contemporary changes in government in the Netherlands and in other European countries.     

Diaspora-Homeland Relations as a Framework to Examine Nation-Building Processes

This article examines diasporization practices – practices through which homeland and diaspora communities engage each other – as a prism through which to explore the process of nation-building and the formation of national belonging. Instead of treating ‘nation’ or ‘diaspora’ as bounded entities, it explores the various ways through which members of diaspora communities negotiate their position vis-à-vis national homeland movements on the one hand and host societies on the other. Specifically, it examines practices of fundraising, diasporic lobbying, the extension of citizenship to members of diaspora communities, and the consumption of images through communication technologies. Through these ongoing, negotiated encounters, ‘homeland’ as well as ‘diaspora’ are produced. Close examination of these practices may offer fresh insights regarding the process of nation-building in the diaspora that has a heuristic value beyond this particular setting.     

Deserving citizenship? Exploring migrants' experiences of the ‘citizenship test’ process in the United Kingdom

Since the early 2000s several European countries have introduced language and citizenship tests as new requirements for access to long‐term residence or naturalization. The content of citizenship tests has been often presented as exclusionary in nature, in particular as it is based on the idea that access to citizenship has to be ‘deserved’. In this paper, we aim to explore the citizenship tests ‘from below’, through the focus on the experience of migrants who prepare and take the ‘Life in the UK’ test, and with particular reference to how they relate to the idea of ‘deservingness’. Through a set of in‐depth interviews with migrants in two different cities (Leicester and London), we show that many of them use narratives in which they distinguish between the ‘deserving citizens’ and the ‘undeserving Others’ when they reflect upon their experience of becoming citizens. In so doing, they negotiate new hierarchies of inclusion into and exclusion from citizenship, which reflect broader neo‐liberal and ethos‐based conceptions of citizenship.     

Government Subsidies and Household Debt Burden After the Great Recession

During the recent Great Recession, US households, especially those with low incomes, faced severe financial distress. Households experiencing economic hardship may turn to receiving government assistance to alleviate the hardship or distress. Receiving government assistance may improve a household’s financial situation as it could be decreasing its reliance on debt or even improving a household’s ability to repay their current debt. We investigated how households’ financial debt obligations were affected by receiving government assistance, as has not been previously analyzed. Given the focus of this research, we included households under 185 % of poverty threshold released by the 2012 US Census Bureau. Results from the 2010 and 2013 Survey of Consumer Finances indicate that government assistance was positively related to the odds of meeting debt-to-income ratio guidelines, implying that government assistance plays an important role in financial security of low-income households. This study provides important insights for researchers and policymakers in the areas of poverty and household finance.     

Women and citizenship post‐trafficking: the case of Nepal

This article analyses the relationship between gender, sexuality and citizenship embedded in models of citizenship in the Global South, specifically in South Asia, and the meanings associated with having – or not having – citizenship. It does this through an examination of women's access to citizenship in Nepal in the context of the construction of the emergent nation state in the ‘new’ Nepal ‘post‐conflict’. Our analysis explores gendered and sexualized constructions of citizenship in this context through a specific focus on women who have experienced trafficking, and are beginning to organize around rights to sustainable livelihoods and actively lobby for changes in citizenship rules which discriminate against women. Building from this, in the final section we consider important implications of this analysis of post‐trafficking experiences for debates about gender, sexuality and citizenship more broadly.     

‘The outraged young’: young Europeans,civic engagement and the new media in a time of crisis

Public involvement in traditional political institutions has declined significantly over the past few decades, leading to what some have seen as a crisis in citizenship. This trend is most striking amongst young people, who have become increasingly alienated from mainstream electoral politics in Europe. Nevertheless, there is overwhelming evidence to show that younger citizens are not apathetic about ‘politics’ – they have their own views and engage in democracy in a wide variety of ways that seem relevant to their everyday lives. In the aftermath of the global financial crisis, young Europeans have borne the brunt of austerity in public spending: from spiralling youth unemployment, to cuts in youth services, to increased university tuition fees. In this context, the rise and proliferation of youth protest in Europe is hardly surprising. Indeed, youth activism has become a major feature of the European political landscape: from mass demonstrations of the ‘outraged young’ against political corruption and youth unemployment, to the Occupy movement against the excesses of global capitalism, to the emergence of new political parties. This article examines the role that the new media has played in the development of these protest movements across the continent. It argues that ‘digitally networked action’ has enabled a ‘quickening’ of youth participation – an intensification of political participation amongst young, highly educated citizens in search of a mouthpiece for their ‘indignation’.     

Brothers are doing it for themselves?: Men's experiences of getting into and getting out of debt

Research on debt and gender has typically had an individual focus. In research on households, and the distribution of income within them, studies have typically focussed on women. When it comes to over-indebtedness, women are also more likely than men to seek debt advice. This article reports on a UK study of men and over-indebtedness that focused on the dynamics of couple relationships. The research used in-depth interviews with menin partnerships and living alone after family breakdown to explore how gender relations and gendered identities figure in men's acquisition and management of problematic personal debt, including their orientation towards and experiences of debt advice. It was undertaken when a period of readily available credit and soaring levels of borrowing had been followed by the ‘credit crunch’, when recession had left many families struggling with problematic debt and when debt advice services were coping with increasing levels of demand. In this context, there were some signs that the effects of the recession were leading men to seek debt advice more than had been the case in the past. Findings illustrate the dynamics of male control of household expenditure and the acquisition of problematic debt. They also suggest that when men have sole responsibility for managing incomes constrained by over-indebtedness, they experience the anxiety and depression more typically reported by women; but ‘male pride’ in relation to financial matters that forms a significant component of their identities acts as a barrier to seeking advice.     

“An Economics of Capital”: Genealogies of Everyday Financial Conduct

Although recent forms of neoliberalism have been associated with everyday forms of ‘investment’, this paper argues that the financial conduct of everyday populations has long been an intense site of intervention. Drawing on the history of nineteenth and twentieth‐century Canadian government savings, annuities and tax deferral programs, this paper argues that everyday financial conduct has long been a key site of experimentation and innovation in practices of the self. These programs experiment with a language and practice of investment which emphasizes everyday conduct as a space of individual responsibility attached to diverse political goals. This suggests that enterprise as a mode of self and citizenship has a diverse and longer trajectory that predates neoliberalism. By extension, this paper conclude with a case for more diversified, complicated and historically‐situated analyses of ‘neoliberalism’.     

Centring labour in financialization

ABSTRACT

This article draws on an engagement with Marx’s notes on money and finance to reconsider the relationships between labour, working classes, and financial accumulation. In recent years, these dynamics have often been understood through the lens of ‘financialization’ – referring to a trend towards the growing prominence of financial sector profits, logics, and power at the expense of productive activity. This lens has tended to produce analyses of labour and finance that are (1) unidirectional and (2) that often lump a wide range of developments under a single heading without considering how these trends might intersect in potentially contradictory ways. Marx offers a useful alternative insofar as his approach to money and finance centres on a continual and fraught dynamic between the ‘abstract’ social labour embodied in money and the ‘concrete’ labour performed in particular places at particular times. This argument is illustrated through brief vignettes from South Africa.     

(Un)settled states: Indian Ocean passages,performative belonging and restless mobility in post‐apartheid South African fiction

A number of post‐apartheid literary works revisit nineteenth‐ to early twentieth‐century Indian Ocean passages. Bringing into visibility South Africa’s other ocean – until recently largely occluded by the conceptual bedazzlement of the black Atlantic – they unsettle some of the paradigms through which it has been imagined. This article explores five such novels, which articulate or critique various citizenship claims through a poetics of (un)settlement. One strand from this cluster employs rhetorical strategies such as an ‘Atlantic register’ to translate oceanic routes into territorial roots, mobility into autochthony; the other registers a more unsettled state as it scrutinises the gendered politics of home‐making and national belonging, and issues a retort to the multicultural imagination.     

Narratives of ‘mixed race’ youth in South Korea: racial order and in-betweenness

South Korea has long been regarded as a country with a single ethnicity. Honhyeol, which literally means ‘mixed blood’ in Korean, exemplifies this orientation. In recent years, the number of ‘mixed race’ children in the country has been on the rise due to the increase in international marriages, particularly between Korean men and foreign women. Drawing on the personal narratives of 56 youths (aged between 9 and 17) obtained from three essay contests, this article examines how, why, and in which contexts the racial hierarchies of ‘mixed race’ children in Korea are constructed. Narratives of ‘mixed race’ children and their peers show that a ‘hierarchical racial order’ – characterized by a color-coding system that simultaneously operates along the lines of national origin – is channeled into ‘mixed race’ people’s everyday lives, thus shaping their identity constructions.     

Commercially arranged marriage and the negotiation of citizenship rights among Vietnamese marriage migrants in multiracial Singapore

Globalization and increased mobilities have multiplied cross-border transactions not only in the economic sphere but have also a major impact on human relationships of intimacy. This can be seen in the increased volume of differently mediated forms of international marriage, not just straddling ‘east’ and ‘west’, but within Asia and across different ethnicities and nationalities. International marriage raises a host of social issues for countries of origin and destination, including challenges relating to the citizenship status and rights of the marriage migrant. This paper examines the negotiation of citizenship rights in the case of commercially matched marriage migrants – namely Vietnamese women who marry Singaporean men and migrate to Singapore as ‘foreign brides’. While they are folded into the ‘family’ – what is often thought of as the basic building block of the nation in Asian societies – they are not necessarily accorded full incorporation into the ‘nation’ despite Singapore's claims to multiculturalism. This is particularly salient at a point when cross-nationality, cross-ethnicity marriages between Singapore citizens and non-citizens are on the increase, accounting for over a third of marriages registered in Singapore in recent years. Vietnamese women who marry Singaporeans are positioned within the nation-state's citizenship regime as dependents of Singaporean men, having to rely on the legitimacy of the marriage relationship as well as the whims of their husbands in negotiating their rights vis-à-vis the Singapore state. Drawing on interviews and ethnographic work with 20 Vietnamese women who are commercially matched marriage migrants, the paper first focuses on the vulnerable positions these women find themselves, particularly given difficulties in forging their own support networks as well as weaknesses of the civil society sector in what has been called an ‘illiberal democracy’ characterized by a political culture of ‘non-resistance’. The paper then goes on to examine the way they negotiate rights to residency/citizenship, work and children within webs of asymmetrical power relations within the family and the nation-state. We draw on our findings to show that citizenship is ‘a terrain of struggle’ within a multicultural nation-state shaped by social ideologies of gender, race and class and negotiated on an everyday basis within spheres of family intimacy.     

BRANDING,CELEBRITIZATION AND THE LIFESTYLE EXPERT

The lifestyle expert – a figure whose knowledge is tied to the ordinary and the everyday – has emerged as a major cultural authority in recent times. This article examines the role and status of ‘ordinary experts’, such as Martha Stewart and Jamie Oliver, in relation to processes of ‘celebritization’ and branding. Linking these processes to broader shifts around the domestication and privatization of public culture and citizenship, I discuss the branding of lifestyle advice in the context of the emergence of informational capitalism and the growing role of the consumer in providing branded lifestyles with value and meaning. Arguing that the privatized modes of lifestyle consumption modelled by figures like Stewart and Oliver have emerged as a pre-eminent site of social relations, communality and lifestyle ‘activism’, the essay concludes with a discussion of what kind of civic politics might emerge out of this context.