National Financial Literacy Strategy

The Department of Finance has led the development of the Strategy following a 2022 Retail Banking Review recommendation. The work is also in line with the G20/OECD High Level Principles on Consumer Protection and OECD Recommendation on Financial Literacy.

The work on the Strategy began with a mapping phase, which consisted of stakeholder surveys, stakeholder events and research. The mapping phase ended with the publication of a Mapping Report in April 2024. This Mapping Report outlined the extent of the current provision, across many organisations, of financial education in Ireland. It also provided evidence, analysis and recommendations for the design and development of the Strategy.

Following the publication of the Mapping Report, further consultation with stakeholders took place. A second stakeholder event was held to discuss the recommendations of the Mapping Report. “What We Heard” was published following the event. It highlights some of the recurring themes and priorities the Department of Finance heard from stakeholders at the event about the Mapping Report recommendations.

A Stakeholder Actions Survey was also carried out to inform the initial annual action plan of the Strategy.

A number of recommendations and outcomes were identified for the Strategy. These, among others, include:

• Providing strong Government leadership for financial literacy and financial education in Ireland
• Creating a framework for stakeholder involvement and input
• Improving co-ordination in delivering financial literacy initiatives
• Promoting and investigating funding opportunities for financial education initiatives
• Promoting and improving monitoring and evaluation of financial education in Ireland
• Improving coordination on research and data collection around financial wellbeing in Ireland
• Promoting best practice in financial education in Ireland
• Developing financial literacy initiatives groups with lower levels of financial literacy and with specific needs or circumstances
• Harnessing opportunities for financial literacy in the school curriculum from early education to 6th year through core subjects and curriculum areas
• Providing financial education to young people who have left regular school settings

Stakeholder engagement is critical to the delivery of the National Financial Literacy Strategy and engagement will continue to be a priority over the course of the Strategy’s life cycle from 2025 to 2029.

The Strategy’s Financial Literacy Executive Board and Steering Group have decision-making, supervisory and advisory functions. Their work is supported by a secretariat.

The Executive Board is chaired by the Minister for Finance and composed together with the Chairperson of the Competition and Consumer Protection Commission (CCPC) and the Deputy Governor for Consumer and Investor Protection of the Central Bank of Ireland. The Executive Board is responsible for setting the long-term vision of the National Financial Literacy Strategy and provides leadership on achieving its goals and actions. It meets annually and approves the annual action plans and annual reviews of the Strategy.

The Steering Group advises the Financial Literacy Executive Board on matters relating to the delivery of the National Financial Literacy Strategy. It acts as a mechanism for providing key stakeholders with an opportunity to provide input into annual action plans and feedback on the Strategy.

Permanent or temporary working groups can be established as required with representatives from the Steering Group and the financial literacy ecosystem. They can provide expertise and experiences in important thematic areas and address specific operational needs of the Strategy.

The actions for achieving the aims and objectives are contained in the annual action plan for each year of the Strategy. These action plans set out the steps stakeholders have agreed to take and are approved by the Executive Board after the recommendation of the Steering Group.