Beyond conventional financialization: Intersectional insights and Indigenous responses to financial inequality in the UK

This study leverages Bourdieu’s concepts of capital and habitus, alongside an intersectionality framework, to examine the financialization of daily life within the British-Pakistani diaspora. Amidst the escalating pervasiveness of financialization in everyday life, we engage critically with the concept of the ’financial subject,’ particularly as it manifests within socioeconomically disadvantaged communities. Specifically, we explore ‘Kametis’—informal, communal financial pools—as both economic and social institutions that foster trust and cooperation among largely working-class participants. These indigenous financial systems, primarily established in response to financial exclusion, enable participants to exercise agency and control over their financial lives. While ostensibly empowering, these systems often operate outside formal banking channels, which can exacerbate financial exclusion and perpetuate socio-economic disadvantages, a phenomenon that aligns with Bourdieu’s notion of symbolic violence. Additionally, the study also highlights gender dynamics and disparities within these financial practices which can perpetuate existing social inequalities. Through this exploration, we provide novel insight into the nuanced lived experiences of financially responsible individuals and the Indigenous practices employed by marginalized communities within Western financial ecosystems.