Framing the financially literate subject : an analysis of financial literacy discourse in New Zealand : a dissertation presented in partial fulfilment of the requirements for the degree of Doctor of Philosophy in English at Massey University, Palmerston North, Manawatū, New Zealand
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Date
2022
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Massey University
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Abstract
The purpose of this study is to analyse the discursive framing of the financially literate subject
and their needs within New Zealand. The first part of the study identifies and traces key themes within the framing of the financially literate subject, using documents derived from OECD publications and NZ governmental institutions. Working with the critical conjunction of rhetorical analysis and critical discourse analysis informed in part by the work of Foucault, the role of financial literacy in contemporary New Zealand society is addressed through analysis of a case study based on a public debate in New Zealand about the ethics of investment in munitions by providers of the government-supported pension plan, KiwiSaver. The first part of the thesis puts KiwiSaver in a broader policy context by examining documents from the
OECD that were influential in setting the framework, rationale and approach for the New Zealand government’s initiatives to restructure pension plans and encourage a change in the population’s savings habits and citizens’ grasp of financial principles. As it happened, the introduction of KiwiSaver in 2007 coincided with the onset of the global financial crisis, which saw a shift in the framing of the validation of the financially literate subject from a saving
imperative to a need to manage individual risks and protect the market. These capabilities of managing risk and protecting the market, depicted as inherent to financially literate populations, manifest through the expectation that all those who participate in the market would preserve it through informal regulation based on informed consumer choice.
The second part of the thesis presents a case study of public reaction to the media exposé of a financial scandal that broke in August 2016 when it was discovered that KiwiSaver funds were being invested in companies manufacturing illegal munitions. Through analysis of selected newspaper articles and Twitter commentary, the thesis emphasises the complexity of the relationship between the expectations of financial literacy on the part of the government, OECD and financial sector, versus the realities of the financial marketplace. In tension with the emphasis on individual responsibility within official and institutional discourses of financial literacy, the exchanges via Twitter reveal the desire for, and partial practice of, a more civic-focused, collective way of interacting via the financial markets. The case study serves to
illustrate the apparatuses of power operating in the field of financial literacy. Analysing the
discursive production of the financially literate subject and the imperative rhetoric surrounding
financial literacy will provide a fuller understanding of the construction and conceptualisation of the financially literate subject, the social power relations inherent in the drive towards improved financial literacy, and the strategic goals being pursued. Ultimately, the thesis will contribute to our understanding of financial literacy as an ideological framework.
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Keywords
Financial literacy, KiwiSaver (Plan), Investments, Moral and ethical aspects, New Zealand