Financial capability in Ireland and a comparison with the UK

Abstract

The recent global financial turmoil and its ongoing implications have highlighted the importance of personal financial capability. This article outlines the critical role of financial capability in today's world. The findings of the first study of financial capability in Ireland are presented. The article then compares some important aspects of financial capability in Ireland and the UK and assesses what lessons can be learnt from such a comparison and the policy implications which arise. Differences include pension coverage and current account holdings, while similarities are evident in the area of keeping up with bills and commitments.