Exploring Financial Wellbeing and Literacy Disparities across Population Groups in Ireland
This is the second in a series of reports by the Competition and Consumer Protection Commission (CCPC) and Indecon based on a national survey undertaken by Ipsos MRBI in 2023 on financial wellbeing and financial literacy in Ireland. The national survey used a standardised toolkit developed by the OECD for the purpose of assessing financial literacy and wellbeing among OECD member states.
This Phase II report involves a deeper analysis of the data, using quantitative analysis methods to draw distinctions and similarities between specific groups. The technical annex should be read in conjunction with this report.
The report highlights significant differences between groups in terms of financial behaviour and financial knowledge and spotlights those groups that might benefit from additional resources.
Summary of Conclusions
- While complex financial products are more easily accessible, many people appear to lack the required knowledge to manage them effectively.
- Certain groups are likely to experience gaps in their financial wellbeing, even if their financial literacy is improved.
- Higher education is associated with both higher financial wellbeing and higher financial literacy across all statistical models in the report.
- On average, men have higher levels of financial literacy. Improving women’s financial literacy could help close the financial wellbeing gap between men and women.
- The use of price comparison services to shop around is linked to higher financial literacy.
2024.09.27 Indecon Report - Technical Appendix
Return to Market Research
