Minister Donohoe publishes Ireland's first National Financial Literacy Strategy

Last month, Minister for Finance Paschal Donohoe published Ireland’s first National Financial Literacy Strategy. The strategy cover people’s awareness, behaviour, knowledge, attitudes and skills towards money. The strategy follows a Mapping Report which was published last year by the Competition and Consumer Protection Commission (CCPC) and the Central Bank of Ireland (Central Bank), the Department of Finance.

The five-year Strategy has identified clear aims and objectives under three work streams (see below):

• Establishing Structures: focusing on building, communicating and effectively delivering the Strategy. This includes working with the CCPC and Central Bank to implement an appropriate governance structure as well as organising a yearly stakeholder forum and continued engagement with stakeholders throughout the lifetime of the Strategy;
• Giving Guidance: focusing on guidelines for delivering financial literacy initiatives; how to monitor and evaluate the Strategy; increasing consumer awareness of their rights and protections, promoting information sharing among stakeholders and highlighting the need for further research in this area. This includes the publication and monitoring of the Guidelines for the Financial Services Industry in relation to the provision of financial education in schools.
• Catalysing Change: focusing on supporting the creation and development of new partnerships and initiatives to achieve the outcomes set out for target groups, as well as supporting the continuation of existing financial literacy initiatives. This includes a focus on under-addressed topics such as digital financial literacy, retail investment, understanding credit and managing debt; and increasing the number of initiatives for under-served target groups.

During the five-year lifetime of the Strategy, an Annual Action Plan will be published. These action plans will set out the key actions stakeholders have agreed to take to deliver on the aims and objectives of the Strategy.

Irish National Financial Literacy Strategy aligns with the OECD Recommendation on Financial Literacy, which is the international standard in this domain. The Strategy will support public authorities and financial literacy stakeholders in Ireland in equipping individuals and communities with the knowledge, skills, and confidence to navigate today’s financial marketplace, benefit from its opportunities and manage financial risks.

For questions on this topic, please contact SFA Public Affairs Lead, Jonathan McDade - Tel: 01 605 1688 or Email: jonathan.mcdade@sfa.ie.