Deconstructing Neoliberalism in Financial Education: Empowering via Critical Pedagogy

• In Event: Roundtable Group 2
  In Refereed Roundtable Session: Critical Pedagogy and Empowerment: A Journey of Civic Awareness, Teacher Activism, and Deconstructing Neoliberalism

Proposal

My paper investigates the interplay between student agency, critical pedagogy, and financial education in the context of the 2024 CIES conference theme, 'The Power of Protest in Education.' Through literature review and critical pedagogy lens, I explore neoliberal features in contemporary financial education programs, questioning their impact on educational programs, student thinking, and suppressing their agency. I call for action research on how critical pedagogy reshapes financial education and fosters student agency, seeking critical consciousness for transformative education.

Neoliberal Hegemony
Neoliberalism gained prominence through figures like Hayek, Friedman, and Buchanan, advocating minimal government intervention and emphasizing the private sector (Henig, 1989). Their belief in privatization, deregulation, and competition promised economic growth. Critics, however, argue these policies led to inequalities, financial crises, and diminished public services due to its individualism, profiteering and consumerism values (Arthur, 2012). Neoliberalism's ascent in the 1980s, championed by leaders like Thatcher and Reagan, further influenced societal dynamics.

Challenging Neoliberal Narratives
Scholars including Freire (1996); Foucault (1991); Bourdieu (1993 &1991); Giroux, (2001 & 1990), and Apple (2001; 2013) counter neoliberalism's dominance with critical pedagogy. This approach empowers students to challenge prevailing ideologies and understand socio-economic and political dynamics. Critical pedagogy prioritizes holistic comprehension beyond individual skills, addressing systemic injustices propagated by neoliberalism and its profit-driven norms (Freire, 1970; Giroux, 2001).

Financial Education: Key Features and Criticisms
Critics influenced by critical pedagogy scholars challenge financial education's neoliberal alignment, advocating empowering student agency for change through critical thinking. They highlight how financial education's emphasis on individual responsibility overlooks systemic economic concerns (Arthur, 2012).
Neoliberal principles, like privatization and profiteering culture, contributed to financial crises. Contemporary financial programs echo neoliberalism through individualism and competency-based approaches. Critics question these features' compatibility, urging broader socio-economic considerations and critical thinking for change towards social consciousness. Critical pedagogy suggests fostering student agency for financial decision-making, beyond personal finances. Critics like Apple (2001) and Bourdieu (1999) argue these programs normalize neoliberal values, endorsing private services, profiteering, and individualistic values. Private sector influence on educational content, as seen in Canada or the United States, reinforces these concerns.

Calling for Bridging Student Agency and Education
Critical pedagogy challenges traditional power dynamics by encouraging students to think critically and investigate the roots of issues (Shor, 2012). Drawing upon the works of critical pedagogy scholars, action research should support educators in designing programs that include incorporation of pedagogical materials and methodologies, aiming to:
•Incorporate historical context of crises to deepen understanding.
•Analyze how inequalities contribute to financial instability.
•Engage students in discussions on sustainable and socially responsible budgeting.
•Highlight consequences of inequitable financial practices through case studies.
•Connect financial education with other disciplines for holistic learning.
•Collaborate with local communities for practical engagement.
•Emphasize global interconnectedness.
•Invite guest speakers from diverse backgrounds to hear voices and stories.
•Foster dialogue through reflective journaling and debates.
•Empower students to consider lasting impact of their financial decisions.
By incorporating these aspects, a blend of financial skills and critical thinking can be cultivated, working toward the goal of equitability and sustainability development.

Author

• Azadeh Javaherpour, McGill University