Review Article: Household Finances Under Pressure: What is the Role of Social Policy?

Abstract

Within the context of the 2007 financial crisis and the (ongoing) financial crisis for many households and consumers, this review article explores the key debates in the social policy literature surrounding household accumulation of assets and debts. The first section contextualises emerging debates surrounding inequalities, financial exclusion and the need for greater financial citizenship within the post financial crisis era. The second section of the article considers household assets and debts, whilst the third section explores housing wealth and mortgage arrears. The fourth section examines recent research on how households manage their money. The final section of the article concludes by exploring the potential pathways for social policy research in relation to broader debates within the social sciences on household finances, assets and debts.