The erosion of pensions and benefits pushed households toward commercial financial products.

Evidence

We next consider the growing consumption of financial products and services. The preceding discussion suggests that households throughout all but the very top of the distribution have felt heightened lifestyle pressures because of growing income inequality, labour market risks and changes in benefits like pensions and health care. Financial services firms saw this as an opportunity to sell more financial products to all segments of the distribution and provide financial advice to clients in order to secure their business. — Neil Fligstein & Adam Goldstein, The Emergence of a Finance Culture in…, 55

Categorization

• XREF: Connects to the financialization-of-everyday-life literature (Martin, Van der Zwan) and to the risk-shift from defined-benefit to defined-contribution pensions. — connects to: Financialization expanded by selling financial products directly to households — Neil Fligstein & Adam Goldstein, The Emergence of a Finance Culture in…, 10; Households are pushed into financial markets that promise lifestyle advancement. — Neil Fligstein & Adam Goldstein, The Emergence of a Finance Culture in…, 34; Households borrowed heavily to preserve their lifestyles amid economic insecurity. — Neil Fligstein & Adam Goldstein, The Emergence of a Finance Culture in…, 41 (+7 more)
• SEED: Angle: the everyday household as the last absorber of systemic financial risk — declining benefits outsourced to the family balance sheet.

Related

• Financialization forced households to adopt a proactive finance culture beyond just consuming more debt. (similarity 0.88)
• Financialization expanded by selling financial products directly to households (similarity 0.88)
• Households are pushed into financial markets that promise lifestyle advancement. (similarity 0.86)
• Households adopted active financial management under either necessity, opportunity, or both. (similarity 0.85)
• The shift to 401(k) plans converted households into stock market participants. (similarity 0.84)
• Household financialization involves adopting new entrepreneurial mindsets, not just buying more financial products. (similarity 0.82)
• Financialized cultural attitudes may result from, not drive, expanded financial services. (similarity 0.82)
• Households borrowed heavily to preserve their lifestyles amid economic insecurity. (similarity 0.81)
• Financialization also operates as a cultural shift toward entrepreneurial self-management of household finances. (similarity 0.81)
• Financial markets reshaped households, corporations, and states over the past 30 years. (similarity 0.81)
• Households signal financialization through risk-taking, relaxed debt attitudes, and speculative strategies (similarity 0.81)
• Financialization redraws who supplies life’s basic needs, shifting welfare from state to markets (similarity 0.80)
• Research on household financialization remains fragmented across separate markets (similarity 0.80)
• Financialization of households is stratified by class, not uniform (similarity 0.79)
• Households in social democracies face pressure to adopt finance culture too. (similarity 0.78)

Broader Connections

• Financialization redraws who supplies life’s basic needs, shifting welfare from state to markets #expands (0.82) — Natascha van der Zwan, Making Sense of Financialization, 64
• Financialization forced households to adopt a proactive finance culture beyond just consuming more debt. #expands (0.82) — Neil Fligstein & Adam Goldstein, The Emergence of a Finance Culture in…, 46
• Financialization replaced welfare-state collective security with individualized speculative insurance #expands (0.80) — Max Haiven, Cultures of Financialization, 92
• Financialized capitalism shifted from spreading risk to endorsing risk via self-insurance. #corroborates (0.80) — Aris Komporozos-Athanasiou, Speculative Communities, 274
• The shift to 401(k) plans converted households into stock market participants. #expands (0.78) — Gerald F. Davis & Suntae Kim, Financialization of the Economy, 54
• Households signal financialization through risk-taking, relaxed debt attitudes, and speculative strategies #expands (0.75) — Neil Fligstein & Adam Goldstein, The Emergence of a Finance Culture in…, 48