Four in 10 adults unable to answer Junior Cert exam question on inflation

Regarding the rise of AI, 27% of respondents said they would be comfortable getting AI-generated advice on how to better manage their money

Those over 55 are the least likely group to have used technology to help understand their finances better. File Picture: iStock

An overwhelming majority of Irish adults believe they have an “average” or “high” level of financial literacy, but more than 40% could not correctly answer a Junior Cert-level business sample exam question on the impact of inflation on household purchasing power, research shows.

The PTSB Reflecting Ireland research revealed 90% of respondents think they have average or high financial literacy, but only 58% identified that high inflation is bad for their purchasing power, with 27% incorrectly saying it is positive for them, 10% incorrectly saying it would remain the same, and 5% saying it makes their personal finances more stable.