Financial Capability: New Evidence For Ireland
Source: Central Bank of Ireland
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 paper has empirically examined this issue for the first time in an Irish context. As such, this paper 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.