Press release
Ireland’s first National Financial Literacy Strategy
Published on
Last updated on
Published on
Last updated on
The Minister for Finance, Jack Chambers TD, today (05 July 2024) hosted a stakeholder event on the development of Ireland’s first National Financial Literacy Strategy in Páirc Ui Chaoimh, Cork.
Financial literacy and education is an important part of financial consumer protection. Financial literacy covers people’s awareness, behaviour, knowledge, attitudes and skills in relation to money and is an important skill that everyone should have throughout their lives.
Today’s stakeholder event builds on previous stakeholder engagement informed by nationwide survey, and a Mapping Report published in April 2024. It is anticipated that the final National Financial Literacy Strategy will be published by the end of 2024.
Today’s event brought together key stakeholders and participants included the Competition and Consumer Protection Commission, the Central Bank of Ireland, the OECD and the Financial Consumer Agency of Canada. Approximately 91 public and private sector organisations including the financial services industry, education, civil society and Government Departments and agencies were also represented. It provided stakeholders with the opportunity to share their views on the priorities and potential stakeholder contributions for the national financial literacy strategy.
Opening today’s Stakeholder Event, Minister Chambers said:
“Financial literacy really matters. Our aim here today is to work together to enhance financial knowledge which will help people to make better financial decisions, better understand the information that is provided to them, be more confident in transacting their financial affairs in an increasingly digital world.
It is therefore heartening to see such a wide range of stakeholders gathered together. It demonstrates the enthusiasm of stakeholders across a range of public and private sector organisations to develop financial education initiatives right across the country.”
Minister Chambers concluded by noting that he looked forward to working with all of the stakeholders over the coming months to develop Ireland’s first national financial literacy strategy.
Notes to Editors:
1. In 2022, the Retail Banking Review recommended that the Department of Finance should seek to ensure that all stakeholders work together so that Ireland is compliant with the OECD High Level Principles on Financial Consumer Protection and the Recommendation on Financial Literacy.
2. This project was launched by the Minister for Finance in July 2023. The aim of a national financial literacy strategy will to take a sustained, co-ordinated approach to financial literacy across stakeholders in Ireland, which will be developed in line with the OECD Recommendation on Financial Literacy.
3. The 2020 OECD Recommendation on Financial Literacy defines financial literacy as:
“a combination of financial awareness, knowledge, skills, attitudes and behaviours necessary to make sound financial decisions and ultimately achieve individual financial well-being.”
4. In developing a national financial literacy strategy, the OECD guidance recommends that governments establish and implement national strategies that are evidence-based and co-ordinated with other strategies that foster economic and social prosperity and provide a framework for cooperation among all stakeholders on financial education.
5. A Mapping Report was published in April 2024 to identify the gaps and potential priorities for the Strategy. The Mapping Report is the first key deliverable of the work and involved:
6. Following the publication of the Mapping Report and the July stakeholder event, the national strategy will be developed on this evidence basis and published by the end of 2024.