The MASSIFICATION OF POPULAR CREDIT, THE INDEBTEDNESS OF WORKERS AND THE IDEOLOGY OF FINANCIAL EDUCATION

Abstract

This work addresses the narrowing of the working class with financial institutions imposed by the bourgeoisie class in contemporary capitalism, investigating the process of financialization of social policies and, primarily, the expansion of consumer credit. Beginning with an initial debate on the relative autonomy of financialization in the current moment of capitalist accumulation, the notion of "bankarization" is discussed, highlighting the concern of capital operators with the financial inclusion of the entire population, especially the poorest layers. The reconfiguration of social policies under the relative autonomy of the financial sphere is then investigated, focusing on the role of the massification of credit. In a context of precarious work, the erosion of workers' wages by interest rates is investigated, contributing to financial valorization, as credit becomes imperative for the working class to reproduce itself, necessary for their basic needs. The advancement of this modality is problematized as it leads to a scenario of family indebtedness, producing a cycle in which workers continuously need to be inserted into the financial system to reproduce. From there, it discusses how financial education acts as an ideology favorable to capital, as it contributes to the maintenance of the capitalist system.