Personal finance volunteers needed to raise awareness

THE provision of volunteers to promote personal finance education in the workplace and at community level has been proposed as one way of furthering consumers’ financial knowledge.

A new report, published yesterday by the National Steering Group on Financial Education, made a number of proposals aimed at strengthening people’s personal finance understanding.

Commenting on the report, Mary O’Dea – acting head of the Office of the Financial Regulator and chair of the steering group – said: “The unprecedented financial events over the life of the steering group have served only to reinforce our view of the need for a comprehensive policy addressing personal finance education.

“The potential benefits to consumers will be significant in helping them make better decisions on their financial affairs, and this will be in addition to a more stringent and intensive regulatory approach.”

The establishment of a Financial Capability Fund, with seed funding coming from the Government’s recapitalisation scheme and a national standard for personal finance education have also been proposed.

In the new report – Improving Financial Capability in Ireland – the steering group said it reviewed current practice in Ireland and abroad, identified disadvantaged groups and mapped them against organisations currently providing them with services.

It has also developed a Financial Competency Framework, aimed at providing building blocks for any education resources related to personal finance.

In welcoming the new study, Finance Minister Brian Lenihan said: “We will ensure that in the context of the establishment of new regulatory structures, the co-ordination of financial capability programmes is established as an important priority in promoting the interest of consumers of financial services into the future.”