Survey finds public in Connacht score 53% in “financial literacy”

Galway Bay fm newsroom – A new survey has found the public in Connacht score 53% in “financial literacy”.

Financial literacy refers to the knowledge and skills needed to make important financial decisions.

The score for Connacht was in line with the national average, but Bank of Ireland, who commissioned the survey, say that figure lags behind what it should be.

In comparison, the average score in Australia is 64%; Germany is 66%, and the UK scored 67%.

The Irish survey also revealed a striking difference across gender and age, with women scoring almost 10% lower than men.

18-34 years old scored the lowest at 48%, while those over 65 scored the highest at 58%.

While one third of those surveyed claimed to know about mortgages, only one fifth said they’re familiar with investments and pensions.

Almost 60 percent said they review their personal finances every month.