Ireland Launches 5-Year National Financial Literacy Strategy Amid Low Scores

Ireland has launched a five-year National Financial Literacy strategy, running until 2029, led by the Department of Finance. This initiative addresses significant financial literacy gaps among Irish adults, with only 57 per cent meeting the minimum OECD level. Minister for Finance Simon Harris recently opened applications for a “financial literacy ambassador” to boost public understanding.

Research indicates over four in ten Irish adults struggle with daily money management and future financial planning. A July 2023 Eurobarometer survey revealed only 5 per cent of Irish people rate their financial knowledge as “very high,” while 58 per cent describe it as “average.” Ireland ranks ninth overall in financial knowledge among EU27 countries, above the average, but trails nations like the Netherlands, Sweden, and Finland, which aims to be the world's most financially literate by 2030.

Despite understanding financial concepts, Irish attitudes towards money are more “laissez-faire.” Ireland ranks below the EU27 average in financial behavior, particularly in setting and achieving long-term financial goals. Only 18 per cent of Irish people own investment products, compared to the EU average of 24 per cent and 46 per cent in Sweden. The Minister for Finance plans a State-backed personal savings and investment account to encourage investment. Overall, 17 per cent of Irish people have a low financial literacy score.

Furthermore, only 32 per cent of people in Ireland could cover six months or more of living expenses if they lost their main income, compared to nearly half in Luxembourg, the Netherlands, and Sweden. One in eight Irish people could cover costs for a month or less.