The industry association for the funds and asset management industry, Irish Funds, has announced the next phase of its successful Transition Year Programme.
The programme is an interactive educational initiative which aims to enhance financial literacy, digital finance, sustainable investing and essential life competencies among students across the country.
First launched in 2022 as a pilot across 12 schools in Ireland, the programme expanded to 18 schools in 2023/2024 across 10 counties and involved over 800 students.
Participating counties last year included Galway, Sligo, Roscommon, Offaly, Limerick, Cork, Tipperary, Wicklow, Louth and Dublin.
15 schools have already committed to taking part in the programme for this academic year – six in Dublin and nine in regional areas.
Irish Funds developed its financial literacy programme for Transition Year students and the programme combines financial literacy, life skills and real-life funds and asset management examples.
It also includes digital finance and sustainable investing – two areas identified by the OECD as competences that are particularly relevant in the future.
Irish Funds said the importance of its initiative is underscored by stark statistics, which indicate that only 57% of adults in Ireland meet the minimum OECD level of financial literacy.
This means that just 57% of people here are capable of managing their day-to-day finances and considering their long-term financial wellbeing.
44% of the adult Irish population also do not possess the minimum level of digital financial literacy required to navigate their finances in today’s increasingly digital world.
Deloitte has come on board again as a sponsor of the Irish Funds Financial Literacy Programme.
“We are excited to see the Transition Year Programme expand, reaching more students and empowering them with the knowledge and tools they need for their financial futures,” said Pat Lardner, CEO of Irish Funds.
“A recent EU survey referenced in the Funds Sector 2030 Report points to low levels of financial literacy, with data indicating that 43% of adults in Ireland lack the minimum financial literacy necessary for effective money management,” he said.
“Our goal is to help bridge the financial literacy gap in Ireland, which is essential for increasing household investing rates and laying the groundwork for long-term financial wellbeing,” he added.
Joe O’Brien, the Minister of State for Community Development, Integration and Charities, said the Irish Funds Financial Literacy Transition Year Programme is making a meaningful impact in classrooms across the country.
“By equipping our students with essential financial knowledge, digital finance skills, and insights into sustainable investing, we are preparing them for brighter financial futures,” he added.