Why Financial Literacy Should Be for Everyone - Not Just a Select Few

Ireland’s National Financial Literacy Strategy

Ireland published its National Financial Literacy Strategy in February 2025, drawing on the OECD’s recommendations and the EU’s own Financial Literacy Strategy. The ambition behind these initiatives is strong: to empower people to make informed financial decisions and to understand what those decisions mean for their lives.

Who Was Included… and Who Wasn’t

The Government identified several groups who may need additional support with financial literacy. Yet two major cohorts were noticeably absent though:

·        People in employment

• People in retirement

The assumption seems to be that if someone has earnings, or has accumulated resources, they automatically possess financial capability.  But this simply isn’t true.

Earnings Don’t Equal Understanding

Just because someone earns a salary does not mean they understand:

• how their pension works

• how to invest safely

• how to build long‑term security

• how to manage risk

• how to make decisions under uncertainty

And retirees, who are often managing the largest pool of assets they will ever hold, face some of the most complex decisions of all.

These groups are not “fine”. They are not automatically financially literate. And they are certainly not immune to confusion, stress, or costly mistakes.

In fact, they are often the people who could benefit most from structured financial education because their decisions have long‑term consequences for themselves, their families, and the wider economy.

The Shame Factor: Why People Stay Quiet about Money

Remember the old ad: “I don’t know what a tracker mortgage is.”  It worked because it tapped into something deeply human: people often feel embarrassed to admit what they don’t know.  And yet, you wouldn’t even be applying for a mortgage if you didn’t have earnings. So why do we assume that employed people automatically understand the products they’re signing up for?

Time and time again, we meet people who:

·        avoid making decisions

·        delay important actions

·        stick their head in the sand

·        hope things will “sort themselves out”

Not because they’re careless, but because they’re afraid of looking uninformed.  They don’t want to admit they don’t understand the difference between a regular savings plan and cash savings. They don’t want to ask what a pension actually is. They don’t want to reveal that investing feels intimidating.

And here’s the truth: very few people truly understand personal finance. Not because they’re incapable, but because nobody ever taught them and its not part of our culture to openly discuss finances.

Financial Literacy Should Be Universal

Financial literacy shouldn’t be reserved for those deemed vulnerable. It shouldn’t be targeted only at people with low incomes or limited access to resources.  It should be universal.

Because confidence with money is not a luxury. It’s a life skill.  And when people understand their finances, regardless of age, income, or employment status everyone benefits:

·        households become more resilient

·        long‑term planning improves

·        wealth is used more effectively

·        financial stress decreases

·        better decisions ripple across generations

Ireland’s strategy is a strong start. But if we want true financial empowerment, we need to widen the lens.  Financial literacy is for all of us.

Link to National Financial Literacy Strategy