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.
In light of the impact of Covid-19 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 the course of the last year, we have also 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.