Financial Awareness

What we heard

Financial awareness has been identified in IBCB research as a concern for many consumers and business owners. Improving financial awareness as early as possible is a key enabler in preventing knowledge gaps at future stages when key financial decisions are being made. Stakeholder feedback has highlighted the perception that technology changes, complexity of modern financial processes, and a lack of access to financial advice can adversely impact financial decisions and financial outcomes for many customer cohorts. Financial awareness continues to be a key focus area for the IBCB.

What we did

2023

In our work to facilitate cultural change in banking, the IBCB has been privileged to partner with TASC (Think tank for Action on Social Change) and Safe Ireland in helping to financially empower thousands of domestic violence survivors, addressing financial abuse and enhancing financial literacy.

Partnering with bodies who are seeking to make significant societal changes is central to our work. Mancy facets of culture in Ireland need to change and this is not limited to the banking sector. Our partnership with TASC and Safe Ireland, will provide the nearly 15,000 women and children who use specialised domestic violence services every year with the kind of support that makes a real difference in their lives. The initiative was also supported by MABS, the Money Advice & Budgeting Service, Ireland.

It is estimated that that over 90% of victims of domestic violence in Ireland also experience financial abuse. We are privileged to have partnered with TASC and Safe Ireland, in funding their Financial Resilience Training initiative, while also providing input into training materials, and coordinating the bank staff participating in the training sessions. This partnership will help to financially empower survivors of domestic violence and is a step in securing higher levels of financial literacy and inclusion in Irish society.

The purpose of the IBCB is to work with our member banks to build trustworthiness with the public and that behavioural and cultural change is evidenced by actions not words. Improving levels of financial awareness and resilience are key elements of this. Our support for TASC and Safe Ireland’s financial resilience training initiative underscores our dedication to positive change for the benefit of customers and society.

TASC held an event to launch this initiative and the evaluation report on September 20th. Our CEO, Marion Kelly, spoke at the event and was also interviewed on Today with Claire Byrne, alongside Mary McDermott, CEO, Safe Ireland.

A dedicated webpage has been launched, which hosts essential information and knowledge for those wishing to engage with this vital Financial Resilience Training (frt) initiative. Please engage with and share this webpage. We never know who in our lives or network might need the information it contains.

The IBCB created this short video about the initiative for staff of our member banks. It is written from the perspective of one of the staff members who were involved in the initiative. Please watch our video to find out more.

Play Video

Watch the video above.

2022

In February 2022, the IBCB announced a partnership with TASC (Think-tank for Action on Social Change) and Safe Ireland, coinciding with the launch of our Guide to the Basic Bank Account, to provide financial resilience training to victims of domestic violence. This was delivered through funding, subject matter expertise and support, in conjunction with member banks. The programme was delivered as a ‘train the trainer’ programme, which we hope will provide a lasting, nationwide impact. Safe Ireland estimated that the training has the potential to benefit at least 11,000 women and over 2,500 children per year. It is widely recognised that the provision of targeted knowledge and skills in money management are a significant benefit to service users, reducing vulnerability. Enhancing the financial independence of victims of domestic violence directly creates capacity to act and to leave abusive homes – to survive and thrive. The IBCB worked closely with TASC and Safe Ireland throughout 2022 to develop this programme.

2020/2021

In light of the impact of the Covid-19 pandemic on consumers and businesses, our financial awareness activities in the period focussed on activities and engagements to raise awareness and support consumers, in particular in areas such as payment breaks, and the range of alternative options available following payment breaks and specific initiatives to raise awareness for SMEs and Farmers. Our activities also included initiatives for customers in a vulnerable position and bereaved customers. Through this work, we engaged with member banks, the Banking and Payments Federation Ireland (BPFI) and organisations such as the Money Advice and Budgeting Service (MABS) and the Society of St. Vincent De Paul.

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What we heard

What we did

2023

2022

2020/2021

IBCB Financial Awareness for SMEs Webinar Series

Support for Mortgage Holders using Mortgage Payment Breaks

The Institute of Banking’s round table discussion