Dáil Éireann Debate, Tuesday - 26 May 2026
217. Deputy Malcolm Byrne asked the Tánaiste and Minister for Finance the action that is being taken by his Department to improve financial literacy in Ireland, particularly in terms of activity like switching financial products including mortgages and insurance; and if he will make a statement on the matter. [39641/26]
Amharc ar fhreagraMy Department published Ireland’s first National Financial Literacy Strategy in February 2025.
The mission of this five-year strategy is to improve 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.
Regarding financial product switching, the strategy supports and promotes stakeholders working in this area. Examples of this work are highlighted in the Strategy's 2025 Action Plan including Money Tools on the Competition and Consumer Protection (CCPC)'s website.
The CCPC's Money Tools allow consumers to compare different financial products - including mortgages - from providers. The Money Tools thereby support first time buyers, switchers and movers to identify appropriate credit choices.
The CCPC also runs a financial education programme called Money Skills for Life. This programme - delivered to workplaces and community groups - covers a range of topics including switching and shopping around for insurance and mortgages.
The review of the 2025 Action Plan and a new action plan for 2026/2027 building on the success of the Strategy's first year is being finalised at present.
In addition to ongoing work within the National Financial Literacy Strategy, my Department has also published the Action Plan on Insurance Reform. 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.
To this end, Government recently published a new Motor Insurance Transparency Code. This code was developed by a working group comprising insurers and intermediaries, with the support from the Central Bank of Ireland and my Department. The Code is designed to enhance trust, clarity and transparency in how motor insurance premiums are communicated to consumers.
While the Motor Insurance Transparency Code currently applies to private motor insurance policies, other insurers and intermediaries are encouraged to consider extending the code's 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.
