Financial Literacy: Neoliberalism, the Consumer and the Citizen

This thesis argues that consumer financial literacy is not a solution but a tool that mystifies and supports the very problems it could help solve: exploitation, economic crises, the spread of neoliberalism, alienation and the further disempowerment of the citizen. The characterization and implementation of financial literacy programs influence the resources and subjectivities that we use to act, see, reflect, create the world and create ourselves, resources and subjectivities that should support our free actions and enable us to do more than conform to the dictates of capital and be more than neoliberal entrepreneurial consumers. In the place of consumer financial literacy, we need a critical financial literacy that supports active citizens. The citizen is not the alienated investor or consumer who can only choose what the market provides; instead, he or she can assist in altering or abolishing the market to create a new economic system that offers better choices. A critical financial literacy would encourage citizens to reflect on and transform the social relations of production in order to create a world, free from capital’s dictates, in which individuals are as free from necessity as possible and better able to develop their human capacities to the fullest.MAS