The problematization of consumers in Swedish financial literacy education

Abstract

ABSTRACT Using the concept of problematization, this paper reveals the rationale for governing consumers in the practice of Swedish financial literacy education. Before the 1980s, the problematization of consumers was characterized by teaching economic thrift to ‘at-risk groups’. Through observations of and interviews with teachers and organizers, as well as analyzes of policy texts, this study shows that contemporary financial education instead describes a whole population of consumers lacking ‘financial self-confidence’. This study also shows how social, political, and economic developments prompted the problematization of the previously unnoticed issue of Swedish citizens’ ‘financial literacy’. Neo-liberal ideas and reforms, financialization, and the Organization for Economic Cooperation and Development’s promotion of financial literacy are all strong factors in the current problematization of Swedish consumers and the ongoing practice of financial education. Financial education attempts to foster economically rational, responsible, self-reliant financial citizens; in other words, it seeks to make people more like the ‘virtual consumer’ of neo- classic economic theory. The ideal consumer of contemporary financial education is expected to turn to financial markets to ensure his or her economic welfare. Doing so is assumed to lead consumers to contribute to efficient and stable global and national financial markets. However, consistent with the local problematization of Swedish consumers as having diverse problems and needs in relation to finance, such education is adjusted to fit different categories of consumers. While some are said to require financial ‘inspiration’ to become active and engaged financial consumers, the traditional morality of thrift still characterizes financial education tailored for consumers deemed to be at risk of over-indebtedness.