ABSTRACT
Following on from the concrete developments listed in the last chapter, I now discuss inequalities experienced by the precarious working class in the United Kingdom and their magnification in light of the 2008 financial crisis. Insufficient household saving has inspired both Labour and Conservative Governments to take paternalistic approaches to pension provision, in order to facilitate optimal choices by those whose financial situations are otherwise too precarious to enable creative, entrepreneurial decision making. Growing levels of personal debt, which are currently undermining the value of savings, put economic pressure on precarious households and make it difficult to take financial risks designed to increase wealth, since they require rigid repayment schedules with interest rates that deplete finances. Examining disproportionate levels of debt relative to dwindling or non-existent savings indicates how poor borrowers engage with financial risk as an obligation, rather than with the innovation needed to maximise returns and reap large rewards.
