The IIF’s interest in financial literacy and education dates back some time. We have long been of the view that the majority of young people graduating from our secondary institutions, having completed their Leaving and/or Junior Certificates are critically under-prepared to meet the daily financial challenges of 21st Century living. Our members believe that an informed and educated consumer is in a better position to make appropriate decisions regarding his/her financial health. These decisions range from choices on mortgage and personal loans to travel insurance, and car insurance to savings plans.

That is why we are very pleased with the recommendations of this report and most particularly Recommendation 4. Having identified financial capability as one of the most important life skills that any person will ever need, the report concludes that school is the best possible channel, with the broadest reach, for the delivery of this life skill. Recommendation 4 acknowledges that our children’s financial competency should not be left to personal preference, chance, or the elective choices of a particular school. It states that not only should financial capability be embedded as a core value in the formal education system, but that it should be national policy that the Financial Competency Framework is included in the compulsory elements of the school curriculum.

Members of the IIF look forwarded to the adoption and implementation of these recommendations by our policy makers, and have committed to providing relevant support as and when necessary.