Dáil Éireann Debate, Tuesday - 21 April 2026
264. Deputy Cormac Devlin asked the Tánaiste and Minister for Finance the action being taken to improve financial literacy in Ireland, particularly in terms of activity such as switching financial products including mortgages and insurance; and if he will make a statement on the matter. [26621/26]
Amharc ar fhreagraIreland’s first National Financial Literacy Strategy was published in February 2025.
The focus of the five-year strategy is to improve levels financial literacy by working with Ireland’s financial literacy ecosystem – increasing cooperation, coordination and cohesion among stakeholders – and thereby supporting greater overall financial wellbeing and resilience.
The Department of Finance worked closely with a range of public and private sector organisations throughout the strategy’s development. This included educators, the financial services sector, civil society and Government departments and agencies. This engagement continues as the strategy is implemented.
In terms of switching of financial products, the strategy supports and promotes the work of stakeholders in this area.
The 2025 Action Plan, which was published alongside the strategy, includes actions focusing on switching financial products, including the Money Tools on the Competition and Consumer Protection (CCPC)'s website.
The CCPC's Money Tools allow consumers to compare different financial products from providers, including mortgages. The tools support first time buyers, switchers and movers to identify appropriate credit choices.
The CCPC's Money Skills for Life financial education programme, delivered to workplaces and community groups, also covers a range of topics including switching and shopping around for insurance and mortgages.
The review of the 2025 Action Plan and development of a new action plan for 2026/2027 are nearing completion.
In addition to the work ongoing through the National Financial Literacy Strategy, a key focus of the Action Plan on Insurance Reform is engagement with key stakeholders to enhance transparency, improve financial literacy, and promote affordability across all types of insurance.
In this context, the Government published the new Motor Insurance Transparency Code last month. Developed by a working group comprising insurers and intermediaries, with the support of the Department of Finance and the Central Bank of Ireland, the Code is designed to enhance trust, clarity and transparency in how motor insurance premiums are communicated to consumers.
While the Code currently applies to private motor insurance policies, insurers and intermediaries are encouraged to consider extending its principles to other insurance products.
The implementation of the Transparency Code is intended to enhance understanding of the factors that influence premiums, improve consumers’ understanding of motor insurance policies, and contribute to improved financial literacy more broadly.
