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From me to us: Strengthening our Financial Capabilities

Author

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  • Jeremiah Thomas Brown
  • Marcus Banks
  • Dina Bowman

Abstract

For low‐income or precariously employed households in Australia, the re‐allocation of risk over the past forty years has four crucial economic dimensions: the fraying of the social security net; changes in labour market dynamics; heightened uncertainty arising from income volatilities; and new hazards generated by the financialisation of daily life. Household financial capabilities are negatively influenced by the compounding impacts of each of these risks. Case examples from a BSL study illustrate each impact and their interactions. The dominant idea that individual capabilities are malleable (and thus can be optimised) whilst circumstances and norms are fixed is countered by an expanded view of Sen’s/Nussbaum’s capability approach (CA) that includes collective capabilities. Collective capabilities can change norms, and so, the concept provides a needed link between the political and macroeconomic movement of risk re‐allocation and individual or household financial capabilities. The Australian Unemployed Workers’ Union is used as an example to show how collective action can challenge structural conditions, and expand or protect the capabilities of individuals.

Suggested Citation

  • Jeremiah Thomas Brown & Marcus Banks & Dina Bowman, 2020. "From me to us: Strengthening our Financial Capabilities," Economic Papers, The Economic Society of Australia, vol. 39(4), pages 407-417, December.
    • Handle: RePEc:bla:econpa:v:39:y:2020:i:4:p:407-417
    DOI: 10.1111/1759-3441.12295
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    References listed on IDEAS

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    1. Jacob S. Hacker & Gregory A. Huber & Austin Nichols & Philipp Rehm & Mark Schlesinger & Rob Valletta & Stuart Craig, 2014. "The Economic Security Index: A New Measure for Research and Policy Analysis," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 60(S1), pages 5-32, May.
    2. T. Kifle & P. Kler & S. Shankar, 2019. "The Underemployment-Job Satisfaction Nexus: A Study of Part-Time Employment in Australia," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 143(1), pages 233-249, May.
    3. Andrew Stewart & Jim Stanford, 2017. "Regulating work in the gig economy: What are the options?," The Economic and Labour Relations Review, , vol. 28(3), pages 420-437, September.
    4. Urban Sila & Valéry Dugain, 2019. "Income poverty in Australia: Evidence from the HILDA survey," OECD Economics Department Working Papers 1539, OECD Publishing.
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    Cited by:

    1. Roslyn Russell & Ashton de Silva, 2020. "Introduction to the Special Issue: Financial Capabilities and Well‐being," Economic Papers, The Economic Society of Australia, vol. 39(4), pages 314-317, December.

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