The Competition and Consumer Protection Commission (CCPC) has announced a contribution of €250,000 towards adult financial literacy projects for the year 2025. This funding is part of a larger £1 million Collaboration and Innovation Fund, which was unveiled by Minister Patrick O’Donovan from the Department for Further and Higher Education, Research, Innovation and Science.

The primary goal of this initiative is to assist adults in developing essential skills related to financial literacy, enabling them to better access financial services. Research conducted by the CCPC revealed concerning statistics about financial literacy in Ireland, indicating that one in three adults are merely getting by financially, while one in eight can only sustain their expenses for a month or less in the event of an income shock.

Additionally, data from the Programme for International Assessment for Adult Competencies (PIAAC), published by the OECD, highlighted that one in four adults in Ireland face challenges with everyday mathematics. Kevin O’Brien, a member of the CCPC, expressed enthusiasm about the partnership with SOLAS to fund these financial literacy projects, emphasizing the importance of providing practical tools and education to help adults manage their finances effectively.

This funding initiative follows the release of a mapping report by the Department of Finance in April 2024, which focused on the development of a Financial Literacy Strategy. O’Brien reiterated that the funding will be crucial for resourcing community adult financial literacy projects in 2025, aligning with the objectives of the new Financial Literacy Strategy.