Financial Wellbeing Index indicates decline of 4% in financial literacy among 18 to 24 year olds.
One quarter of the general population surveyed had 'poor' financial literacy, scoring lower than 38% in a financial literacy test
Bank aims to reach 110,000 people with financial literacy supports in 2024 and 2025 - 60,000 children and young people through primary and secondary school programmes, and 50,000 adults
According to
As part of the
Investing a further
Continuing to grow the Talking Cents with Ollie financial literacy programme for primary schools and the Money Smarts Financial Literacy Programme for secondary schools with the aim of reaching an additional 60,000 children and young people in 2024 and 2025.
Providing funding of over
Continuing to offer Bank at Work, a service we provide to employers to help support their employees' financial wellbeing. Bank at Work, in collaboration with the Financial Wellbeing team, provides a range of financial wellbeing talks and seminars, virtually and in-person, covering saving, budgeting, borrowing, cost of living, mortgages, pensions and fraud awareness.
In addition to the aim to support 60,000 children and young people through primary and secondary schools, as part of its commitment to the UN Principles of Responsible Banking the Bank has also set a target to reach 50,000 adults with financial wellbeing supports by the end of 2025.
'Being financially savvy especially in a digital era is an important life skill. Knowledge is power and empowering people to make informed decisions about money is good for individuals, families and society. For young people, being financially savvy means being better prepared as young people study and set out in their careers and start managing their money independently.
'We know that levels of financial literacy in the EU are low, especially among young people. The results published today reinforce that body of evidence and should strengthen us all to do more and better and I welcome
'However, when we see a drop in financial literacy in the 18-24 demographic it's a real concern. Being financially literate and aware is vital for younger people, in particular when we see them being targeted by fraudsters trying to recruit them for illegal activities like 'money-muling'. That can have really serious consequences for the individual for many years.
'These findings highlight why the Government's plan to publish a national financial literacy strategy later this year is so important. We believe that there should be a greater focus on financial literacy in the classroom, and the worrying trends in youth financial literacy point again to the importance of making progress on this agenda within the education system.
'In general terms, our Financial Literacy Score shows us that some of the questions where people consistently perform poorly include around understanding of tax relief, savings, mortgage interest rates and credit card interest. These are parts of everyday life for a lot of people, so it's important to understand them. We are committed to playing our part in improving financial literacy, and that's core to our investment plans to the end of 2025.'
Since launching its Financial Wellbeing Programme in 2017 over 540,000 children and young people have taken part in
Further detail on
ENDS
Notes to Editors:
Research source: Bank of Ireland Financial Wellbeing and Financial Literacy Index
Nationally representative sample of n=1,023 adults aged 18+ living in the
Fieldwork took place from 22nd September to
Basic numerical tests
Prices
Tax reliefs
Savings
Investments and risk
Credit cards and personal loans
Mortgages
Pensions
Insurances
20
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