Keeney, Mary J. (Central Bank and Financial Services Authority of Ireland) O’Donnell, Nuala (Central Bank and Financial Services Authority of Ireland)
Abstract
Recent increases in financial innovation, particularly in the Anglo-Saxon banking culture, have seen a considerable growth in the amount of financial products available to the general public. Simultaneously, many workers are increasingly assuming responsibility for planning for their future pensions. This allied to increased life expectancy necessitates a greater degree of financial capability amongst the general public. This study has empirically examined this issue for the first time in an Irish context. As such, this report follows a nascent literature internationally. The related issue of financial literacy has been studied for several years in the US while a major study of financial capability was completed in the UK in 2006. This report follows that UK study closely. This is the first major evidence on financial capability inIreland, conducted with a purpose-designed, in-depth, representative survey of just over 1,500 people.
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Publisher Info
Paper provided by Central Bank & Financial Services Authority of Ireland (CBFSAI) in its series Research Technical Papers with number
1/RT/09.
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Find related papers by JEL classification: D14 - Microeconomics - - Household Behavior - - - Personal Finance D31 - Microeconomics - - Distribution - - - Personal Income and Wealth Distribution G0 - Financial Economics - - General
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