Financialization of Everyday Life

through financial advice media

The popularity of financial investments in the market has increased. In turn, financial media platforms repeatedly posit the importance of diversifying one’s income streams for future financial security. Therefore, within this blog, I will focus on how financial advice media aids the financialization of everyday life in relation to the speculative habitus. 

Our everyday life is increasingly positioned as a space of investment. The digital and domestic space has allowed the financialization of everyday life to be integrated into our lives in new ways. This can take the form of stock-market trading, investment advice, financial counselling, retirement planning, etc. (Allon, 2016, p.121). These practices feed into the notion that a responsible citizen is one that manages every aspect of their life (Allon, 2016, p.121). This includes our financial life.  

https://raizinvest.com.au/blog/ways-to-feel-more-in-control-in-a-volatile-market/  

Thus, we can take Raiz invest as an example of this financialization. Raiz is a platform that allows customers to micro-invest in exchange traded funds. Every week they send a summary of the week’s market movements and a couple blog posts. Interestingly, with the recent instability of the market, the attached blog posts are becoming about what the individual can do. The image above highlights this through the blog title: ‘Ways to feel more in control in a volatile market.’ In addition, this form of financial advice further perpetuates the idea that responsible citizenship is linked with individual economical security through investing in the future. Allon (2016) highlights that in this form of investing, speculative subjectivity is rarely made explicit (p.121). Instead, the pervasiveness of the speculative habitus is revealed through the normalization across various cultural and financial literacies as ‘routine matters of discussion and conversation’ (Allon, 2016, p.121).  

In addition, it merges biopolitical techniques with financialization by shifting the responsibility to citizens to manage their finances to live a ‘good life’ (Allon, 2016, p.123). In turn, individuals are exhorted to become competent financial subjects who can demonstrate financial calculation and provide for themselves and their families by investing in the future (Allon, 2016). 

However, there is a sense of cruel optimism in this. Affective economies circulate unevenly and in turn, some may lack the affective dispositions to succeed during financial uncertainty. Therefore, whilst access is portrayed as available to everyone this is not always the case. 

Furthermore, whilst the tips included in Raiz’s blog are primarily useful and appropriate we still need to bear in mind the economic intent of the posts. I am not saying that we should completely neglect all financial advice. It is good to be responsible and aware of our spending. However, for me, this subject has illuminated the importance of being conscious and mindful of all the media I am absorbing, and the insidious messages perpetuated. 

But what do you think? What is your experience and perspective about financial advice after learning the content in this final block? 

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Take extra good care of yourself this season <3

ʕʘ‿ʘʔ designaplanet .