Democratisation of Finance and the Transformation of Consumers Into Financial Citizens

The article explores the concept of the ‘democratisation of finance’ and its implications on financial markets, individual lifestyles, consumers and household relations. Initially regarded as a mechanism to promote enhanced financial accessibility and equity, the democratisation of finance has encountered obstacles in realising its optimal goals. Although it has promoted increased market participation among the general populace, it has not consistently guaranteed financial equality, and has consequently resulted in heightened over-consumption, indebtedness, and precarious investment decisions. The article delves into the complexities of financial inclusion and highlights how certain social groups, particularly women and minorities, may face exploitation and disadvantages in the financialised economy. Additionally, the study critically examines the role of regulatory frameworks and technology-driven financial systems in either mitigating or exacerbating these vulnerabilities. It also explores the broader societal consequences of financialisation, questioning whether the current trajectory of democratised finance truly fosters economic empowerment or entrenches existing disparities.