Habitus and Cultural Capital in the Field of Personal Finance

1998 ◽  
Vol 46 (1) ◽  
pp. 1-23 ◽  
Author(s):  
Alan Aldridge
Keyword(s):  
Cultural Capital ◽  
Service Providers ◽  
Personal Finance ◽  
Financial Service ◽  
Financial Products ◽  
The Arts ◽  
Financial Scandals ◽  
The Government ◽  
Private Investors ◽  
The Uk

Key concepts drawn from the work of Pierre Bourdieu – in particular, habitus and cultural capital – which have been widely used to analyse the fields of education and the arts, are applied here to the sociologically neglected field of personal finance. The cultural project to promote marketization has not created an informed public of sovereign consumers rich in cultural capital. On the contrary, the development of commodified mass-market financial products and services implies a lowering of the threshold not just of economic but also of cultural capital needed for their acquisition. Financial scandals, such as the widespread misselling of personal pensions in the UK from the mid-1980s, typically involve in Bourdieu's terms an ‘objective complicity’ between a wide variety of stakeholders – including the government, employers, financial service providers, industry regulators, and financial advisers – and private investors whose habitus and lack of cultural capital prepare them for cooperation in their own exploitation.

scholarly journals The future of social care funding: who pays?

2016 ◽  
Vol 22 (1) ◽  
pp. 10-44 ◽  
Author(s):  
T. Kenny ◽  
J. Barnfield ◽  
L. Daly ◽  
A. Dunn ◽  
D. Passey ◽  
...  
Keyword(s):  
Phase 1 ◽  
List Type ◽  
Political Debate ◽  
Term Care ◽  
Means Testing ◽  
Financial Products ◽  
Funding System ◽  
The Government ◽  
The Uk ◽  
Care Costs

AbstractWith the UK population ageing, deciding upon a satisfactory and sustainable system for the funding of people’s long-term care (LTC) needs has long been a topic of political debate. Phase 1 of the Care Act 2014 (“the Act”) brought in some of the reforms recommended by the Dilnot Commission in 2011. However, the Government announced during 2015 that Phase 2 of “the Act” such as the introduction of a £72,000 cap on Local Authority care costs and a change in the means testing thresholds1 would be deferred until 2020. In addition to this delay, the “freedom and choice” agenda for pensions has come into force. It is therefore timely that the potential market responses to help people pay for their care within the new pensions environment should be considered. In this paper, we analyse whether the proposed reforms meet the policy intention of protecting people from catastrophic care costs, whilst facilitating individual understanding of their potential care funding requirements. In particular, we review a number of financial products and ascertain the extent to which such products might help individuals to fund the LTC costs for which they would be responsible for meeting. We also produce case studies to demonstrate the complexities of the care funding system. Finally, we review the potential impact on incentives for individuals to save for care costs under the proposed new means testing thresholds and compare these with the current thresholds. We conclude that:∙Although it is still too early to understand exactly how individuals will respond to the pensions freedom and choice agenda, there are a number of financial products that might complement the new flexibilities and help people make provision for care costs.∙The new care funding system is complex making it difficult for people to understand their potential care costs.∙The current means testing system causes a disincentive to save. The new means testing thresholds provide a greater level of reward for savers than the existing thresholds and therefore may increase the level of saving for care; however, the new thresholds could still act as a barrier since disincentives still exist.

A model of protecting financial service clients in the UK

2018 ◽  
Vol 5 (2) ◽  
pp. 147
Author(s):  
Patrycja ZAWADZKA
Keyword(s):  
Financial Market ◽  
Design Research ◽  
Service Providers ◽  
Basic Research ◽  
Financial Service ◽  
Financial Supervision ◽  
Eu Member States ◽  
The Subject ◽  
Polish Law ◽  
The Uk

Aim: The purpose of the paper is to describe changes occurring in the UK in consequence of the financial crisis with regard to protecting financial service customers, which prompts towards the answer to the question about the optimum protection model when it comes to protecting financial market customers. The author analyses whether regulations in use in the UK are sufficient to ensure cohesion between the public supervision of the financial market and customer protection. In practice, these value may be in opposition. Design / Research methods: The basic research method used in the paper is analysing sources of law and the literature of the subject. Conclusions: The most recent financial market crises undermined the assumption that public and legal supervision is a sufficient tool preventing market turbulences. The financial market supervision should expand beyond professional financial service providers. At the same time, it is also necessary to ensure customer protection. Having conducted the research, the Author recognises that the model used to supervise the financial market and protect financial service customers adopted in the UK deserves to be multiplied on the basis of Polish law, with a particular focus on transferring the supervisory function to the central bank. Originality / value of the article: The topic is pertinent and important as, in the EU member states, adaptation of new legal solutions in the area of financial supervision is considered. However, the problem tackled in the paper has not received any wider coverage in the literature of the subject. The UK regulations may and, according to the author - should serve as a model for the Polish legislator who is planning to challenge the issue of organising supervision over the Polish financial market in the near future.

scholarly journals Understanding R&D in the arts, humanities and social sciences

2021 ◽  
Vol 9 ◽  
pp. 115-145
Author(s):  
Hasan Bakhshi ◽  
Jonathan Breckon ◽  
Ruth Puttick
Keyword(s):  
Social Sciences ◽  
Hard Science ◽  
The Arts ◽  
Tax Relief ◽  
Humanities And Social Sciences ◽  
The Government ◽  
The Uk ◽  
The Right ◽  
Reporting Data

Despite much discussion and debate, research and development (R&D) is still often considered as the domain of hard science and technology. Furthermore, it is not commonly known by industry and policymakers that the Organisation for Economic Cooperation and Development�s (OECD) Frascati Manual � the internationally accepted methodology for collecting and reporting data on R&D � formally recognises the arts, humanities and social sciences (AHSS) in R&D. The UK collects data on R&D using the Frascati Manual definition. However, arguably, what matters for the UK is how R&D is defined for policy purposes. For example, the UK tax authorities choose to explicitly exclude AHSS R&D from their definitions for the purpose of tax relief. This paper explores the role of AHSS R&D in UK business. Drawing upon a review of the policy literature and interviews with 13 businesses that undertake AHSS research, and an additional 14 interviews with policymakers and other stakeholders, the paper presents recommendations for government, funders and business, and it concludes that more inclusive definitions and data are important for evidence-informed policy. Without the right definitions and tools to measure it and effective policies in place to support it, the Government risks ignoring the full value of R&D in the UK economy, and missing out on incentivising investment in innovation in AHSS-related sectors and activities.

scholarly journals Improving Financial Literacy in Facing the Era of Society 5.0

2021 ◽  
Vol 3 (2) ◽  
pp. 150
Author(s):  
Nurlaili Nurlaili ◽  
Muhammad Faqih ◽  
Muhammad Faqih ◽  
Muhammad Hasan Basri ◽  
Kiki Dwi Larasati
Keyword(s):  
Financial Literacy ◽  
Research Method ◽  
Service Providers ◽  
Financial Service ◽  
Related Information ◽  
Library Research ◽  
Public Media ◽  
The Government ◽  
Mandatory Policy

Industrial era 4.0 presents the development of digitalization that continues to grow, such as digitizing payment transactions, namely e-wallet. However, there are shortcomings that can be corrected to face society 5.0 in Indonesia and also the balance between financial literacy and e-wallet users who are growing so that there is no consumptive society and fraud. The purpose of this paper is to provide suggestions or recommendations for the government and stakeholders to carry out policies to increase the level of financial literacy in Indonesia, this research method is library research by collecting related information and data from various valid sources. The results of this paper provide suggestions for the government to actively campaign for financial literacy in various public media, provide a mandatory policy to provide education to financial service providers, and as university academics or educators provide a curriculum on financial literacy. So that when Indonesia enters the era of society 5.0, it is ready in terms of digitizing payment transactions and literacy.

scholarly journals The Role of PPATK in Proving Money Laundering Crimes

2019 ◽  
Vol 7 (06) ◽  
Author(s):  
Adhar ◽  
Amiruddin ◽  
L. Sabardi
Keyword(s):  
Money Laundering ◽  
Service Providers ◽  
Financial Service ◽  
Problem Identification ◽  
Entire Process ◽  
Final Assessment ◽  
The Government ◽  
Identification Analysis ◽  
Financial Transactions

The research aims to find out the PPATK’s Duties and Authorities in Law 8 of 2010 concerning Prevention and Eradication of Crime of Money Laundering and the Role of the PPATK in Proving Money Laundering Crimes. Duties and Authorities of PPATK in Law 8 of 2010 concerning Prevention and Eradication of Money Laundering Crimes. The aim of the PPATK is to Prevent and Eradicate Money Laundering Crimes, thus giving birth to an authority, namely 1). Collect, conclude, collect, analyze, evaluate information obtained from financial service providers, make guidelines on procedures for reporting suspicious financial transactions, 2). Provide advice and assistance to other authorized agencies regarding information obtained in accordance with the provisions of the Act on Money Laundering, 3). Provide recommendations to the government regarding the prevention and eradication of criminal acts of money laundering, 4). Report the results of analysis of financial transactions that indicate criminal acts of money laundering to the police for the purposes of investigation and prosecution for the purposes of prosecution and supervision, and 5). Make and submit reports on the analysis of financial transactions and other activities periodically to the President, Parliament, and institutions authorized to supervise Financial Service Providers (PJK). The role of PPATK in Proof of Money Laundering is PPATK in eradicating criminal acts of money laundering if it finds indications of suspicious transactions, cash transactions over five hundred million rupiahs, or transfers from and or abroad PPATK submits the results of investigations to investigators for investigation. In this case the PPATK only conducts the final assessment of the entire process of problem identification, analysis, evaluation of suspicious financial transactions conducted independently, objectively and professionally. However, the role of PPATK is very decisive in the process of identifying money from original crimes as evidence for investigators in proving the crime of money laundering.

National Library Provision for Art in the United Kingdom: The Role of the National Art Library

1994 ◽  
Vol 6 (3) ◽  
pp. 173-192 ◽  
Author(s):  
Jan van der Wateren
Keyword(s):  
Mission Statement ◽  
British Library ◽  
National Library ◽  
Government School ◽  
The Arts ◽  
The Government ◽  
A Charge ◽  
The Uk ◽  
Available Information ◽  
Subject Indexing

From its beginnings in 1836 as the library of the Government School of Design, the National Art Library (NAL) in the UK was intended to have an impact on design in the country. After the Great Exhibition of 1851 it former part of what was to become known as the Victoria and Albert Museum (V & A). By the 1850s it had already adopted the title of National Art Library, although it was called the V & A Museum Library between 1908 and 1985. By 1853 collections aimed to cover the arts and trades comprehensively, and by 1869 the NAL aimed also at comprehensive access to individual objects created in the course of history. By 1852, the library was open to all, although a charge was made at first. Various forms of subject indexing have been used; from 1877 to 1895 subject lists were prepared for internal use and sold to the public, and from 1869 to 1889 a remarkable Universal catalogue of books on art was produced. The present mission statement of the NAL focuses on collecting, documenting and making available information on the history and practice of art, craft and design, and the library aims its services at both the national and international community. However, its great 19th century contribution to published subject control of art materials has been almost completely absent in the 20th century. During 1994 the NAL will contribute records to the British Library (BL) Conspectus database, though there is little formal cooperation between the two libraries. As a specialist library it can organize its collections and index them in ways that are impossible for a comprehensive library such as the BL, and it therefore has an important part to play in the national library scene.

Board to Council

2008 ◽  
Author(s):  
James Herbert
Keyword(s):  
Research Council ◽  
The Core ◽  
Arts And Humanities ◽  
Strategic Initiatives ◽  
The Arts ◽  
Public Body ◽  
The Creation ◽  
The Government ◽  
The Uk ◽  
Research Councils

The AHRB was given the core responsibility to produce 12,000 active arts and humanities researches over the UK. As of 1998, the Board had made over 4000 awards involving over 5000 researches. Across the UK, in the institutions of the government and the academy, several have been engaged with the AHRB and were actively committed to the fulfilment of the AHRB as a true Research Council. In 2005, the Arts and Humanities Research Council achieved its desired transformation after having built an impressive array of assets. This chapter discusses the transformation of the Arts and Humanities Research Board to a Research Council. In the process of the transformation of the Board, several changes were made. Among of these are the transition of the charitable status of the board and the transition of the AHRB's assets and obligations in to the new Non-Deparmental Public Body (NDPB). It also meant that the now AHRC must provide multi-year funding and the creation of strategic initiatives that would support intellectual urgency. The integration of the AHRC within the Research Councils also meant the restoration of arts and humanities to the circle of serious sciences and knowledge.

Reading Financial Services: Texts, Consumers, and Financial Literacy

1998 ◽  
Vol 16 (1) ◽  
pp. 29-55 ◽  
Author(s):  
Andrew Leyshon ◽  
Nigel Thrift ◽  
Jonathan Pratt
Keyword(s):  
Information Asymmetry ◽  
Interpersonal Relationships ◽  
Financial Literacy ◽  
Financial Services ◽  
Service Providers ◽  
Financial System ◽  
Financial Service ◽  
Barriers To Entry ◽  
Distance Information ◽  
Financial Products

The authors focus upon the changing nature of production and consumption within the retail financial services industry. The perennial problem which faces all producers of financial services is information asymmetry; that is, providers and consumers of financial products have unequal amounts of information about whether or not customers have the wherewithal to make them ‘capable’ purchasers. Thus, the problem of information asymmetry is usually manifested in a priori decisionmaking about the suitability of customers. This problem has traditionally been overcome by forging interpersonal relationships of trust with consumers through copresence. Increasingly, however, trust in consumers is being forged through technologically mediated means of information collection functioning ‘at a distance’ so that financial services producers are coming to ‘read’ consumers as ‘texts’, through the medium of databases. These developments have had a number of effects, such as increased competition in retail financial markets, while branch networks, which acted as durable barriers to entry to the market, have become less important as sites of market intelligence and knowledge. Consumers have also been forced to forge new relations of trust with retail financial service providers. This is increasingly being achieved through the use of various media and through identification with brands. Such developments have served to create social and spatial divisions of financial inclusion and exclusion, as producers use at-a-distance information to discriminate between ‘good’ and ‘bad’ customers. Those ‘inside’ the financial system are able to use their financial knowledge to take advantage of increased levels of competition between financial service providers. However, those excluded from the financial system are doubly handicapped as they live in both a financial and an information shadow. Such individuals are likely to pay an increasingly heavy price for their exclusion, particularly given the collapse of universal welfare provision and the allied growth of private welfare-related financial products. In recognition of this, in the final part of the paper we consider ways of countering problems of financial exclusion and low levels of financial literacy.

Does Demographic Characteristics Affect Remittance Behavior? An Analysis of Migrants in the UAE

2021 ◽  
pp. 234779892110324
Author(s):  
Imran Khan ◽  
Mohammed Anam Akhtar
Keyword(s):  
United Arab Emirates ◽  
Migrant Workers ◽  
Service Providers ◽  
The United States ◽  
Financial Service ◽  
Economic Activities ◽  
Factors Influencing ◽  
Promotional Strategy ◽  
The Government ◽  
Remittance Behavior

The United Arab Emirates (UAE) is a popular destination for migrant workers worldwide, not just from Asia. Along with expanding the UAE’s economic activities, the amount of remittance outflows has increased dramatically, making it the second-largest remitting country, just behind the United States. This study looks into the important demographic factors that influence migrant remittance behavior in the Emirates. The examinations revealed that age, race, marital status, and a number of dependents are the most important factors influencing remittance behavior, while gender is found to be insignificant, proving the popular premise of female altruism to be incorrect. The findings are expected to assist policymakers in the government in devising ways and means to reduce remittance outflows as they have vital implications for some key macro-economic variables such as inflation and exchange rate as well as financial service providers in the UAE, in orchestrating a suitable promotional strategy to target suitable cohorts.

THE BREXIT AND ITS ECONOMIC IMPACTS ON THE CONSTRUCTION INDUSTRY

2019 ◽  
Vol 6 (1) ◽  
Author(s):  
Hossein Ataei ◽  
Farnaz Taherkhani
Keyword(s):  
Construction Industry ◽  
Public Funding ◽  
Private Investment ◽  
The European Union ◽  
Skilled Workers ◽  
Capital Projects ◽  
The Government ◽  
Private Investors ◽  
The Uk ◽  
The Eu

In June 2016, the United Kingdom voted to depart from the European Union (EU) with 51.9% of the votes versus 48.1%. A short-term increase in the overall construction project costs is anticipated due to shortage of less-expensive skilled workers and more costly construction equipment imports from the EU. This may result in slower growth for commercial and residential industry sectors. The long-term issue of Brexit will affect private investment in British infrastructure. As demand increases globally on construction of new civil infrastructure or rehabilitation of existing systems, the global investors and Engineering, Procurement and Construction (EPC) firms will be more mindful and conservative in investing in UK projects. The UK government will seek more private financing for the country's capital projects as easier access to the EU funds-as existed prior to Brexit-may no longer be an alternative. The UK will be a riskier destination for private investors or Public-Private Partnerships (PPP's) because of the developing instability and complexities in the new post-Brexit econo-political environment. As a result, a slower turnout in major infrastructure projects is anticipated. This paper investigates the economics of the post-Brexit UK and the opportunities and threats to the construction industry. It addresses the role of the government and the availability of public funding and how construction regulations and standards will be impacted as a result.

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