Financial Literacy in Ireland

We all engage with finances every day at every stage of our lives. Whether that is budgeting with our family or saving for retirement, financial literacy features in many of the decisions that we make – big and small. Making those decisions, and making those decisions well, makes a massive impact on our own individual financial wellbeing. It’s therefore essential that every one of us has a high standard of financial literacy, and access to resources that will improve our financial literacy.

The OECD is the global leader on financial literacy. Its 2020 OECD Recommendation on Financial Literacy defines financial literacy as:

“a combination of financial awareness, knowledge, skills, attitudes and behaviours necessary to make sound financial decisions and ultimately achieve individual financial well-being.”

Currently, Ireland performs well in terms of financial literacy. Ireland ranks second amongst EU countries for meeting the minimum OECD level of financial literacy with nearly 60% of adults meeting or exceeding that level. While we are proud of where we are, there remains more work to do in ensuring everyone has the financial literacy skills they need. The delivery of Ireland’s first National Financial Literacy Strategy will help achieve that aim.

There is a significant amount of work on financial literacy ongoing throughout the country. Approximately 91 public and private sector organisations including organisations from the financial services industry, education, civil society and government departments and agencies were represented at the stakeholder event that took place in July 2024 on the development of the National Financial Literacy Strategy. Across educational institutions, financial service providers and non-governmental organisations many initiatives are already well underway.

The National Financial Literacy Strategy will seek to support and build on this work. By all playing our part, we can improve the level of financial literacy in Ireland through a vibrant financial literacy eco-system – increasing cooperation, coordination and cohesion – and support greater overall financial resilience and wellbeing.