National Financial Literacy Strategy Mapping Report

​Financial Literacy in Ireland Evidence Base for a National Strategy

The Minister for Finance, Michael McGrath TD, has today (19 April 2024) published a Mapping Report on the development of a National Financial Literacy Strategy in Ireland.

1. Financial literacy and education is an important part of financial consumer protection. Financial literacy covers people’s awareness, behaviour, knowledge, attitudes and skills in relation to money and is an important skill that everyone should have throughout their lives.
2. This report collates the extent of the current provision, across many organisations, of financial education in Ireland, and provides evidence, analysis and recommendations for the next stage of the design and development of a national strategy.
3. On the basis of extensive stakeholder engagement to date, including responses to a stakeholder survey issued in August 2023, this report describes the various bodies currently involved in delivering financial education in Ireland. It also sets out potential gaps and themes to be addressed in a financial literacy strategy and stakeholder expectations of that strategy.

Where and how is fintech referred to in the Mapping Report? 

Fintech referenced in the National Financial Literacy Strategy Mapping Report?

• "This is in addition to emerging risks with non-bank lending, Fintech, and climate change" (Hmm - Fintech is a risk?)

 

• "In recent years, the banking landscape in Ireland has changed significantly. According to the 2023 Consumer Banking Sentiment Survey15 , published by the Department of Finance in September 2023, while the two pillar banks continue to dominate the market in terms of market share of current accounts held, the survey results show that the use of ‘fintech’ (which includes a growing use of apps on smartphones and contactless payments by customers of traditional banks) has increased as has a rise in the market share of “digital only” banking providers, such as Revolut."

 

• "In terms of FinTech providers, the Survey results show that the top features of such providers for consumers are instant money transfer, free banking and a great/user-friendly mobile app. This is followed by splitting bills, spending information, foreign exchange and saving vault, while investment opportunities are the least important. Switching of banking products is very low in Ireland with many citing a general perception of it being difficult to switch, but general inertia being the most prominent reason."

 

• "The use of ‘fintech’, which includes a growing use of apps on smartphones and contactless payments by customers of traditional banks, has increased, as has a rise in the market share of “digital only” banking providers." 

 

• "One of the priority themes of the strategy is ‘Fintech & Digital Finance’. Under this theme, recent Ireland for Finance Action Plans included actions on financial literacy in order to support the public to adapt to the growth of fintech in retail activity. This involved the development of educational consumer resources by the CCPC in cooperation with the Department of Finance and the Central Bank"

See also https://www.gov.ie/en/press-release/23ccb-minister-mcgrath-publishes-mapping-report-on-the-development-of-a-financial-literacy-strategy-in-ireland/