Hostname: page-component-78c5997874-t5tsf Total loading time: 0 Render date: 2024-11-11T03:46:56.320Z Has data issue: false hasContentIssue false
  • English
  • Français

Financial Inclusion: A Tale of Two Literatures

Published online by Cambridge University Press:  26 February 2018

Rajiv Prabhakar
Rajiv Prabhakar*
Affiliation:
Department of Economics, The Open University E-mail: rajiv.prabhakar@open.ac.uk
Get access Rights & Permissions [Opens in a new window]

Abstract

Financial inclusion has arisen as an important social policy agenda over the past twenty years. A scholarly literature has emerged that is very critical of financial inclusion, seeing it as part of the financialisation of the everyday. Often, this theoretical literature makes little reference to how financial inclusion was developing in practice. Conversely, much of the policy literature does not refer to theoretical controversies about financial inclusion. The result is that the theoretical and policy literatures are developing in isolation from one another. This article suggests that it would be much better if there were greater mixing between these different literatures. The scholarly literature can inform the direction of policy and the applied literature can develop more nuanced versions of financialisation.

Keywords

Financial inclusionfinancialisationfinancial capability
Type
Articles
Information
Social Policy and Society , Volume 18 , Issue 1 , January 2019 , pp. 37 - 50
Copyright
Copyright © Cambridge University Press 2018 

Access options

Get access to the full version of this content by using one of the access options below. (Log in options will check for institutional or personal access. Content may require purchase if you do not have access.)

References

Anderloni, L., Bayot, B., Blendowski, P., Iwanicz-Drozdowska, M. and Kempson, E. (2008) Financial Services Provision and Prevention of Financial Exclusion, European Commission: Directorate-General for Employment, Social Affairs and Equal Opportunities.Google Scholar
Appleyard, L., Rowlingson, K. and Gardner, J. (2016) ‘The variegated financialization of sub-prime credit markets’, Competition and Change, 20, 5, 297–313.Google Scholar
Atkinson, A., McKay, S., Kempson, E. and Collard, S. (2006) Levels of Financial Capability in the UK: results of a baseline survey, http://www.pfrc.bris.ac.uk/publications/Reports/Fincap_baseline_results_06.pdf [accessed 17.08.2017].Google Scholar
Berry, C. (2015) ‘Citizenship in a financialised society: financial inclusion and the state before and after the crash’, Policy and Politics, 43, 4, 509–25.Google Scholar
Blair, T. (1998) The Third Way: New Politics for a New Century, London: Fabian Society.Google Scholar
Chartered Insurance Institute (2016) Building Resilient Households. The Future of Financial Provision for Those too Ill to Work, http://www.cii.co.uk/media/7292361/cii_building_resilient_households_report_28oct2016.pdf [11.09.2017].Google Scholar
Collard, S. (2007) ‘Toward financial inclusion in the UK: progress and challenges’, Public Money and Management, 27, 1, 13–20.Google Scholar
Competition and Markets Authority (2015) Payday Lending Market Investigation. Final Report, https://assets.publishing.service.gov.uk/media/54ebb03bed915d0cf7000014/Payday_investigation_Final_report.pdf [accessed 28.08.2017].Google Scholar
Coppack, S. (2013) ‘The everyday geographies of financialisation: impacts, subjects and alternatives’, Cambridge Journal of Regions, Economy and Society, 6, 3, 479–500.Google Scholar
Department for Education (2014) The National Curriculum in England. Framework Document. December 2014, https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/381344/Master_final_national_curriculum_28_Nov.pdf [accessed 21.08.2017].Google Scholar
Dobbie, L. and Gillespie, M. (2010) The Health Benefits of Financial Inclusion: A Literature Review. Report for NHS Greater Glasgow and Clyde, Glasgow Caledonian University: Scottish Poverty Information Unit, http://www.gcu.ac.uk/media/gcalwebv2/theuniversity/centresprojects/spiu/Health%20Benefits%20of%20FI%20final%20report%20pdf.pdf [accessed 31.08.2017].Google Scholar
Edmonds, T. (2009) Saving Gateway Accounts Bill, http://researchbriefings.files.parliament.uk/documents/RP09-02/RP09-02.pdf [accessed 30.08.2017].Google Scholar
Edmonds, T. (2014) Financial Inclusion (Exclusion), House of Commons Library Briefing paper, http://researchbriefings.files.parliament.uk/documents/SN03197/SN03197.pdf [accessed 21.08.2017].Google Scholar
European Commission (2014) Tackling the Gender Pay Gap in the European Union, http://ec.europa.eu/justice/gender-equality/files/gender_pay_gap/140319_gpg_en.pdf [accessed 30.08.2017].Google Scholar
Financial Inclusion Commission (2015) Financial Inclusion. Improving the Financial Health of the Nation, http://www.financialinclusioncommission.org.uk/pdfs/fic_report_2015.pdf [accessed 30.08.2017].Google Scholar
Financial Inclusion Taskforce (2010) Mainstreaming Financial Inclusion: Managing Money and Access to Banking, http://webarchive.nationalarchives.gov.uk/+/http:/www.hm-treasury.gov.uk/d/fit_access_to_banking.pdf [accessed 17.01.2018].Google Scholar
Financial Inclusion Taskforce (2011a) Financial Inclusion Taskforce Research Programme (2005-2011), http://webarchive.nationalarchives.gov.uk/20130129110402/http://www.hm-treasury.gov.uk/d/fitf__research_programme_2005_2011.pdf [accessed 30.08.2017].Google Scholar
Financial Inclusion Taskforce (2011b) The Future for Financial Inclusion Research. March 2011, http://webarchive.nationalarchives.gov.uk/20130129110402/http://www.hm-treasury.gov.uk/d/future_fi_research.pdf [accessed 30.8.2017].Google Scholar
Foster, L. (2017) ‘Young people and attitudes towards pension planning’, Social Policy and Society, 16, 1, 65–80.Google Scholar
French, S., Leyshon, A. and Wainwright, T. (2011) ‘Financializing space, spacing financialisation’, Progress in Human Geography, 35, 6, 798–819.Google Scholar
Froud, J., Johal, S., Montgomerie, J. and Williams, K. (2010) ‘Escaping the tyranny of earned income? The failure of finance as social innovation’, New Political Economy, 15, 1, 147–64.Google Scholar
Giddens, A. (1998) The Third Way: The Renewal of Social Democracy, Cambridge: Polity.Google Scholar
Ginn, J. and MacIntyre, K. (2013) ‘UK pension reforms: is gender still an issue?’, Social Policy and Society, 12, 1, 91–103.Google Scholar
Grady, J. (2015) ‘Gendering pensions: making women visible’, Gender, Work and Organization, 22, 5, 445–58.Google Scholar
Hacker, J.S. (2008) The Great Risk Shift. The New Economic Insecurity and the Decline of the American Dream, Oxford: Oxford University Press.Google Scholar
Hills, J. (2012) Getting the Measure of Fuel Poverty. Final Report of the Fuel Poverty Review, https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/48297/4662-getting-measure-fuel-pov-final-hills-rpt.pdf [accessed 30.08.2017].Google Scholar
Hills, J., Bastagli, F., Cowell, F., Glennerster, H., Karagiannaki, E. and McKnight, A. (2013) Wealth in the UK. Distribution, Accumulation and Policy, Oxford: Oxford University Press.Google Scholar
HM Treasury (1999) Accessing Financial Services. Report of PAT 14, http://webarchive.nationalarchives.gov.uk/20130128101412/http://www.cabinetoffice.gov.uk/media/cabinetoffice/social_exclusion_task_force/assets/publications_1997_to_2006/pat_report_14.pdf [accessed 30.8.2017].Google Scholar
HM Treasury (2004) Promoting Financial Inclusion, http://webarchive.nationalarchives.gov.uk/20100104214853/http://hm-treasury.gov.uk/d/pbr04_profininc_complete_394.pdf [accessed 30.08.2017].Google Scholar
HM Treasury (2007) Financial Inclusion: An Action Plan for 2008–2011, http://webarchive.nationalarchives.gov.uk/20100104214853/http:/hm-treasury.gov.uk/d/financialinclusion_actionplan061207.pdf [accessed 30.8.2017].Google Scholar
HM Treasury (2013) Taskforce Research, http://webarchive.nationalarchives.gov.uk/20130129110402/ http:/www.hm-treasury.gov.uk/fin_consumer_fininclusion_taskforce_research.htm [accessed 30.08.2017].Google Scholar
HM Treasury (2016a) Basic Bank Accounts: January to June 2016, https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/576033/Basic_bank_account_2016_dec_final.pdf [accessed 21.08.2017].Google Scholar
HM Treasury (2016b) Budget 2016, https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/508193/HMT_Budget_2016_Web_Accessible.pdf [accessed 30.08.2017].Google Scholar
House of Lords Select Committee on Financial Exclusion (2017) Tackling Financial Exclusion: A Country that Works for Everyone?, https://www.publications.parliament.uk/pa/ld201617/ldselect/ldfinexcl/132/132.pdf [accessed 30.08.2017].Google Scholar
Langley, P. (2008) The Everyday Life of Global Finance: Saving and Borrowing in Anglo-America, Oxford: Oxford University Press.Google Scholar
Leyshon, A., Burton, D., Knights, D., Aleroff, C. and Signoretta, P. (2004) ‘Ecologies of retail financial services: understanding the persistence of door-to-door credit and insurance providers’, Environment and Planning A, 36, 4, 625–45.Google Scholar
Leyshon, A. and Thrift, N. (1995) ‘Geographies of financial exclusion: financial abandonment in Britain and the United States’, Transactions of the Institute of British Geographers, 20, 3, 312–41.Google Scholar
Lister, R. and Sodha, S. (2006) The Saving Gateway: From Principles to Practice, London: Institute for Public Policy Research.Google Scholar
Marron, D. (2013) ‘Governing poverty in a neoliberal age: New Labour and the case of financial exclusion’, New Political Economy, 18, 6, 785–810.Google Scholar
Marron, D. (2014) ‘“Informed, educated and more confident”: financial capability and the problematization of personal finance consumption’, Consumption, Markets and Culture, 17, 5, 491–511.Google Scholar
Mitton, L. (2008) Financial Inclusion in the UK: Review of Policy and Practice, https://www.jrf.org.uk/report/financial-inclusion-uk-review-policy-and-practice [accessed 30.08.2017].Google Scholar
Money Advice Service (2015a) The Financial Capability Strategy for the UK, https://prismic-io.s3.amazonaws.com/fincap-two%2Fa7164979-f0f8-4a76-9fa2-26d06b3e682e_uk+financial+capability+strategy+-+with+supplementary+evidence+and+analysis.pdf [accessed 17.08.2017].Google Scholar
Money Advice Service (2015b) Financial Capability in the UK. Initial Results from the 2015 UK Financial Capability Survey, https://masassets.blob.core.windows.net/cms/files/000/000/265/original/MAS_FinCap_UK_Survey_2015_AW.pdf [accessed 17.08.2017].Google Scholar
Montgomerie, J. (2008) ‘Bridging the critical divide: global finance, financialisation and contemporary capitalism’, Contemporary Politics, 14, 3, 233–52.Google Scholar
Muir, K., Marjolin, A. and Adams, S. (2015) Eight Years on the Fringe: What has it Meant to be Severely or Fully Financially Excluded in Australia?, Centre for Social Impact for the National Australia Bank, http://www.csi.edu.au/media/uploads/Eight_Years_on_the_Fringe_FINAL_FINAL.pdf [accessed 28.08.2017].Google Scholar
National Archives (2010) Financial Inclusion Taskforce, http://webarchive.nationalarchives.gov.uk/20100104214853/hm-treasury.gov.uk/fit_index.htm [accessed 30.08.2017].Google Scholar
Rowlingson, K., Appleyard, L. and Gardner, J. (2016) ‘Payday lending in the UK: regul(aris)ation of a necessary evil?’, Journal of Social Policy, 45, 3, 527–43.Google Scholar
Rowlingson, K. and McKay, S. (2013) Financial Inclusion Annual Monitoring Report 2013, http://www.birmingham.ac.uk/Documents/college-social-sciences/social-policy/CHASM/2013/Financial-inclusion-report-2013-final.pdf [accessed 30.08.2017].Google Scholar
Rowlingson, K. and McKay, S. (2014) Financial Inclusion Annual Monitoring Report 2014, http://www.birmingham.ac.uk/Documents/college-social-sciences/social-policy/CHASM/annual-reports/chasm-annual-monitoring-report-2014.pdf [accessed 30.08.2017].Google Scholar
Rowlingson, K. and McKay, S. (2015) Financial Inclusion Annual Monitoring Report 2015, https://www.birmingham.ac.uk/Documents/college-social-sciences/social-policy/CHASM/annual-reports/chasm-financial-inclusion-monitoring-report-2015.pdf [accessed 17.01.2018].Google Scholar
Rowlingson, K. and McKay, S. (2016) Financial Inclusion Annual Monitoring Report 2016, http://www.birmingham.ac.uk/Documents/college-social-sciences/social-policy/CHASM/annual-reports/financial-inclusion-monitoring-report-2016.pdf [accessed 30.8.2017].Google Scholar
Salignac, F., Muir, K. and Wong, J. (2016) ‘Are you really financially excluded if you choose not to be included? Insights from social exclusion, resilience and ecological systems’, Journal of Social Policy, 45, 2, 269–86.Google Scholar
Van der Zwan, N. (2014) ‘Making sense of financialisation’, Socio-Economic Review, 12, 1, 99–129.Google Scholar
Welsh Government (2016) Financial Inclusion Strategy for Wales 2016, http://gov.wales/docs/dsjlg/publications/comm/160316-financial-inclusion-strategy-2016-en.pdf [accessed 17.01.2018].Google Scholar
World Bank (2014) Global Financial Development Report. Financial Inclusion 2014, http://siteresources.worldbank.org/EXTGLOBALFINREPORT/Resources/8816096-1361888425203/9062080-1364927957721/GFDR-2014_Complete_Report.pdf [accessed 30.08.2017].Google Scholar