The Lived Experience of Financialization at the UK Financial Fringe

The financialization of everyday life has received considerable attention since the 2008 global financial crisis. Financialization is thought to have created active financial subjects through the ability to participate in mainstream financial services. While the lived experience of these mainstream...

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Published inJournal of social policy Vol. 52; no. 1; pp. 24 - 45
Main Authors APPLEYARD, LINDSEY, PACKMAN, CARL, LAZELL, JORDON, ASLAM, HUSSAN
Format Journal Article
LanguageEnglish
Published Cambridge, UK Cambridge University Press 01.01.2023
Subjects
Bond markets
Consumers
Credit
Economic crisis
Everyday life
Financial inclusion
Financial services
International finance
Loans
Marginality
Payday loans
Regulation
Regulation of financial institutions
Regulatory reform
Scrutiny
Social policy
Subjectivity
Vulnerability
United Kingdom > UK
Australia
United States > US
Austerity
Regulation
Credit
Financialization
Payday Loan
Lived Experience
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Summary:The financialization of everyday life has received considerable attention since the 2008 global financial crisis. Financialization is thought to have created active financial subjects through the ability to participate in mainstream financial services. While the lived experience of these mainstream financial subjects has been the subject of close scrutiny, the experiences of financial subjects at the financial fringe have been rarely considered. In the UK, for example, the introduction of High-Cost, Short-Term Credit [HCSTC] or payday loan regulation was designed to protect vulnerable people from accessing unaffordable credit. Exploring the impact of HCSTC regulation is important due to the dramatic decline of the high-cost credit market which helped meet essential needs in an era of austerity. As such, the paper examines the impact of the HCSTC regulation on sixty-four financially marginalized individuals in the UK that are unable to access payday loans. First, we identify the range of socioeconomic strategies that individuals employ to manage their finances to create a typology of financial subjectivity at the financial fringe. Second, we demonstrate how the temporal and precarious nature of financial inclusion at the financial fringe adds nuance to existing debates of the everyday lived experience of financialization.
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ISSN:0047-2794
1469-7823
DOI:10.1017/S004727942100026X