Irish fail the financial buzzword test

YOUNG Irish adults are not as familiar with key banking terms as their European counterparts.

A survey conducted by National Irish Bank among 18 and 19-year-olds and their parents in Ireland, Denmark, Finland, Northern Ireland, Norway and Sweden found Ireland fared the worst in the levels of awareness of basic financial and banking terms such as APR (annual percentage rate).

Eight out of 10 young Irish adults and 65% of their parents did not understand what “APR” meant, compared to 50% in Finland.