Press release
Minister Donohoe publishes Ireland's first National Financial Literacy Strategy
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Published on
Last updated on
The Minister for Finance Paschal Donohoe has today (20 February 2025) published Ireland’s first National Financial Literacy Strategy.
Financial literacy and education are key components of financial consumer protection. They cover people’s awareness, behaviour, knowledge, attitudes and skills towards money. They are an important life skill that everyone should have, which will ultimately benefit people’s overall financial resilience and wellbeing.
Working closely with the Competition and Consumer Protection Commission (CCPC) and the Central Bank of Ireland (Central Bank), the Department of Finance published a Mapping Report with the evidence of financial literacy initiatives around the country in April 2024. This was done in a bid to bring Ireland into line with and improve compliance with the OECD High Level Principles on Financial Consumer Protection and the OECD Recommendation on Financial Literacy and also to identify areas of financial literacy gaps in Ireland that should be closed in a national strategy.
The ultimate mission of the Strategy is to improve the level of financial literacy in Ireland through a vibrant financial literacy ecosystem – increasing cooperation, coordination and cohesion among stakeholders – and thereby supporting greater overall financial wellbeing and resilience.
The five-year Strategy has identified clear aims and objectives under three work streams:
1) 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;
2) 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.
3) 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.
Today, Minister Donohoe also launched:
Commenting on today’s publication, Minister Donohoe said:
“I am pleased to launch Ireland’s first National Financial Literacy Strategy today. Financial literacy is an important life skill that promotes individual financial resilience and wellbeing.
"This Strategy aims to improve the level of financial literacy in Ireland by bringing the stakeholders in our vibrant financial literacy ecosystem together, and increasing cooperation, coordination and cohesion – and thereby supporting greater overall financial wellbeing and resilience for everyone.
"The Strategy we have launched today represents a tremendous level of engagement and enthusiasm from stakeholders and demonstrates the opportunity and need to continue to work together. Our ambitions for financial literacy in Ireland are reflected not only in the aims and objectives the Strategy has set out, but also in the concrete actions stakeholders are taking to achieve them.
"My officials and I look forward to continuing our work over the five years of the Strategy, seeking input to future annual action plans and an annual stakeholder event. I would like to take this opportunity to thank all stakeholders for their contributions and continued support as we implement this Strategy over the next five years.”
OECD Deputy Secretary General Yoshiki Takeuchi said:
“Let me congratulate Ireland for this important milestone. In today’s financial marketplace, possessing adequate levels of financial literacy is not a luxury, but a fundamental life-long skill. The 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.”
Kevin O’Brien, Commission member with the CCPC, added:
"We’re delighted to see the publication of the National Financial Literacy Strategy and look forward to working with organisations from across Ireland to improve levels of financial literacy and financial wellbeing. The CCPC will continue to play our part by delivering educational resources and funding, undertaking consumer research and running information campaigns.
"At the CCPC, our mission is to protect, inform and empower consumers. Information they share with us through our website and helpline allows us to identify and adapt to evolving trends. Online shopping, new and easily accessible credit, and digital finance are just some of the factors influencing people’s financial choices and making this an increasingly challenging area. Equipping people with the knowledge, skills and tools to manage their finances in a changing world is key in improving people’s financial wellbeing.”
Derville Rowland, Deputy Governor, Consumer and Investor Protection of the Central Bank of Ireland said:
“The financial decisions consumers make – at different points in their lives – can have a profound impact on their long-term financial well-being, and as a result, their overall quality of life. Consumers who are financially literate, well-informed and understand financial products and services are better placed to make good financial decisions and to look after their interests to safeguard their financial well-being.
"At the Central Bank, we are hugely supportive of the National Financial Literacy Strategy. We look forward to supporting the successful implementation of the Strategy over the next number of years.”
1. The 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.”
2. In developing a national financial literacy strategy, the OECD guidance recommends that governments establish and implement national strategies that are evidence-based and co-ordinated with other strategies that foster economic and social prosperity and provide a framework for cooperation among all stakeholders on financial education.
3. In November 2022, the Retail Banking Review recommended that the Department of Finance should seek to ensure that all stakeholders work together so that Ireland is compliant with the OECD High Level Principles on Financial Consumer Protection and the Recommendation on Financial Literacy.
4. This project was launched by the Minister for Finance in July 2023 and began with an initial Mapping Stage. The aim of a national financial literacy strategy will take a sustained, co-ordinated approach to financial literacy across stakeholders in Ireland, which will be developed in line with the OECD Recommendation on Financial Literacy.
5. The Mapping Stage involved:
A Mapping Report was then published setting out the resulting findings.
6. Key highlights from the Mapping Report included:
- women
- unemployed people
- those on low incomes
- those with lower levels of education
- older people
- managing debt and supporting those struggling with debt to seek support
- digital financial literacy
- making decisions around investments
- SME financial literacy
7. A second Stakeholder event, held in July 2024, brought together over 90 public and private sector organisations - representing industry, education, civil society and government departments and agencies – and focussed on further discussion on the recommendations of the Mapping Report in anticipation of drafting the Financial Literacy Strategy.