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Financial Awareness

Background and Context

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

The IBCB and our member banks are proud to have partnered with TASC (Think-tank for Action on Social Change) and Safe Ireland to provide bespoke financial resilience training to support victims of domestic violence. Please watch this short video about the initiative.

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 will be delivered through funding, subject matter expertise and support, in conjunction with member banks to deliver this programme. The programme will be delivered as a ‘train the trainer’ programme, which we hope will provide a lasting, nationwide impact. Safe Ireland estimates that when this training is delivered to service providers across their national network, it will 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.

The IBCB participated in the advisory group in the NALA Financial Literacy Research project. This research report was launched by NALA in December 2022.

We also participate in a financial literacy group coordinated by NT MABS.

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.

During 2020 we contributed to a number of consultations on aspects of financial literacy, including:

  • Supporting the Competition and Consumer Protection Commission (CCPC) in their response to the National Council for Curriculum and Assessment consultation on the Draft Primary Curriculum Framework, highlighting the importance of financial literacy as a life skill for young people;
  • Submitting a response to the SOLAS Adult Literacy, Numeracy and Digital Literacy Strategy, highlighting the importance of financial literacy for adults.
Video Content