44% of Irish Adults Lack Financial Literacy; Women Less Likely to Invest

New research reveals that 44 per cent of Irish adults do not consider themselves financially literate. Women are less likely than men to invest directly in shares, hold private pensions, or have personal savings. Only 49 per cent of women describe themselves as financially literate, compared to 63 per cent of men.

Younger people, aged 18–24, also show lower confidence in financial matters, with a quarter reporting they are not financially literate. Despite this, they are more inclined to invest in higher-risk assets like cryptocurrency. Overall, 16 per cent of adults have no personal savings, and 20 per cent of women lack savings compared to 12 per cent of men.

While a third of adults have a private pension, only 12 per cent invest in shares or life assurance, and 10 per cent in cryptocurrency. Over two-thirds save in bank or credit union deposit accounts, with most leaving their money there. Irish Funds, which commissioned the survey of 1,000 consumers, highlights the need for targeted financial literacy initiatives, suggesting it become part of a national strategy in schools for the next 15-20 years. Pat Lardner, CEO of Irish Funds, noted that an aging population is not adequately equipped financially.