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Financial literacy levels here lag other countries – Bank of Ireland study

Financial literacy levels in Ireland appear to lag those in other comparable jurisdictions, a study carried out on behalf of Bank of Ireland concludes.

The survey of over 1,000 adults here, which was conducted by Red C, found that Ireland had an average financial literacy score of 54%.

The most recent directly comparable international studies were conducted in 2015 and at the time Australia was found to have a financial literacy score of 64%, Germany was at 66% and the UK had an average score of 67%.

As well as a differential between the genders, there was a significant gap in knowledge between age groups with people in the 18 to 34 age bracket scoring lowest at 48%.

Those in the over 65 age category scored highest with an average of 58%.

While one third of respondents claimed to have a good knowledge of mortgages, just a fifth said they were familiar with investments and pensions.

Encouragingly, more than half – 58% – said that they review their finances personally each month.

“The right financial decisions can have a critical impact on our lives. If we are more financially knowledgeable and literate, we are better placed to make sound choices and improve our financial wellbeing,” Dawn Bailey, Head of Financial Wellbeing, Bank of Ireland said.

“Good financial habits, like any positive habits, begin at an early age. Our schools are ideally placed to provide a head start in developing good financial habits for life, which is why Bank of Ireland has developed a comprehensive range of supports for teachers and parents,” Ms Bailey added.

Article Source: Financial literacy levels here lag other countries – Bank of Ireland study – Brian Finn – RTE

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