Financial wellbeing in Ireland: Financial literacy and inclusion in 2023
This report was submitted to the Competition and Consumer Protection Commission (CCPC) by Indecon International Consultants and is based on a national survey undertaken by Ipsos MRBI using an Organisation for Economic Co-operation and Development (OECD) toolkit. This research draws on 1,505 interviews with a representative sample of the Irish population.
The Irish data has been submitted by the CCPC to the OECD for overall analysis with other countries, to be published later this year. This report presents an overview of Irish financial knowledge, attitudes and behaviours – from budgeting to borrowing. The below represents some of the main findings of the report.
Selected findings
- 58% people are satisfied with current financial situation, though one in seven report too much debt.
- 1 in 3 report that they are “just getting by,” among people with only a primary education or less, this figure rises to over 50%.
- 1 in 8 can only cover their costs for a month or less in the event of income shock. Most people believe they can sustain their living expenses for three months or more in the case of a financial shock such as the loss of income, but 1 in 8 say they would just be able to cover their costs for a month or less. Lone parents and people in shared homes are among the least likely to have significant financial buffers in place.
- 86% of households save, with most using deposit or savings accounts. However, men are more likely to engage in higher-risk saving such as the purchase of stocks and shares or investing in crypto-assets.
Attachments:
2023.07.05 CCPC Financial Wellbeing Report 2023
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