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Financialisation, Financial Literacy and Asset-Based Welfare

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This article examines New Labour's policies of asset-based welfare in the broader context of financialisation. It argues that these are indicative of a mode of government concerned to alter individual outlooks and aspirations, and that asset-based welfare, as developed by New Labour, is primarily a strategy for enhancing financial literacy. Exploring and identifying the general contours of New Labour's reform of welfare provision (particularly the rise of conditionality and personalisation), the article presents a case study of the Child Trust Fund, its development and marketing. The article closes with reflections on the fate of such policies after the sub-prime mortgage crisis.
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Keywords: Child Trust Fund; asset-based welfare; financial literacy; financialisation

Document Type: Research Article

Affiliations: Swansea University, UK

Publication date: 2009-08-01

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