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From Department of Finance
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The Department of Finance today (Wednesday, 9 August) published a stakeholder survey as part of the development of a national financial literacy strategy.
The online survey is now open to all stakeholders to enable them to provide details of their current activities in financial literacy and education, as well as their views on what a national strategy for financial literacy in Ireland should look like.
This survey is part of the initial mapping phase of the development of the strategy and it aims to gather information on the existence of financial literacy programmes and financial education initiatives across government departments, state agencies, civil society, NGOs, representative bodies and the financial sector. It also aims to map access to financial education across the population.
The survey will remain open until 15 September 2023. The responses to the survey will form the basis of further stakeholder engagement in identifying areas of financial literacy gaps to be closed and possible target audiences for interventions.
Commenting on today’s publication, Minister for Finance Michael McGrath said:
“The launch of this survey is a very important step in the development of a national financial literacy strategy. Involving the perspectives of all stakeholders will be integral to developing a strategy that works for all parts of Irish society. I would encourage all relevant stakeholders to make their views known through the survey and I look forward to examining the feedback once the survey is completed.”
National Financial Literacy Strategy
In 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.
The Irish National Financial Literacy Strategy will be developed in line with the OECD Recommendation on Financial Literacy (2020).
That recommendation is intended as an instrument to assist governments, public authorities and other relevant stakeholders in their work to design, implement and evaluate financial literacy policies.
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.”
The development of the strategy was announced by Minister for Finance Michael McGrath on 6 July 2023.
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