Normalising individual responsibility? A gendered study of retirement planning in a financialised system

The individualisation of risk and responsibility for retirement planning, with the requirement to make ‘good saving decisions’, is an essential feature of the financialisation of pensions. Individuals are encouraged to become active financial subjects to ensure their own economic welfare. Additionally, concepts such as individual responsibility, risk management and financial planning are presented as moral obligations. This narrative has become an intrinsic part of neoliberal policies implemented over the last four decades in the UK, aimed at further privatising retirement. This paper examines the views and attitudes of young women towards individual responsibility and risk, within the context of retirement planning in the UK. The study presents a gendered analysis of financialisation of the pension system. It draws from the concept of ‘individual investor’ to critically discuss its shortcomings, using interviews and a focus group with young British women. The findings show how deep-rooted the idea of personal responsibility is amongst respondents, but also that the concept of managing risk and uncertainty is not adequately recognised, despite its centrality to investment practices.