Irish scores lower than many developed countries when it comes to basic financial literacy
First financial literacy initiative of its kind for primary school kids in Ireland
Financial literacy magazine distributed to primary schools nationwide
FREE Christmas Budgeting Seminars with Frank Conway around the country
Pictured enjoying Ollie with Frank Conway are Emma Ward (5) and Benjamin Ward (7)
Bank of Ireland has collaborated with financial literacy expert and MoneyWhizz author, Frank Conway, to produce a new series of money management education magazines for teachers and students in primary schools throughout Ireland. *With Ireland scoring lower than many developed countries when it comes to basic financial literacy, the money management series Ollie is the first of its kind in Ireland and aims to provide kids of primary age with the tools and information to understand the basics, giving them a solid basis for developing strong money management skills for the future.
The first Ollie magazine will be issued to primary schools this week, helping teachers to understand and teach schoolchildren about money management. To help educate parents, Bank of Ireland is also hosting a series of FREE Christmas Budgeting Seminars around the country led by Frank Conway to help parents understand the key skills for money management skills.
Speaking about the new money management initiative, Head of Youth Banking at the Bank, Laura Lynch said: “Bank of Ireland recognises the importance of money management for parents and kids because our customers have told us it’s a huge area of concern for them but they are not quite sure how to address it. That is why we are working with Frank to develop financial literacy and money education materials for primary schools that will involve gamification, class work, individual learning and home tasks to be done with parents as well as rolling out Budgeting Seminars around the country.”
“The primary goal of Ollie is to enable adults to begin budgeting and financial management talks with kids in an appropriate, fun and engaging way. The seminars with Frank will give parents the tools to budget, identify useful resources and prioritise their spending which will help them manage their money this Christmas and beyond. These life-long tools will hopefully help consumers start the New Year debt and stress free.”
MoneyWhizz Founder and Financial Literacy Expert, Frank Conway, added: “I am delighted to be working with Bank of Ireland to develop and distribute this new financial education magazine Ollie to primary school kids around the country. *Studies have shown how crucial it is that financial education begins at an early age and I am confident Ollie can serve as a catalyst in lifting essential financial literacy skills in Ireland to the top tier globally.
Referencing the seminar series, Frank continued, “With almost one-in-two families borrowing to see them through the Christmas period numerous studies have shown that financial stress leads to a number of serious health issues including migraine, ulcers and depression. I am looking forward to joining Bank of Ireland at a number of seminars around the country in the lead up to Christmas, helping parents to plan a stress-free Christmas by teaching them how to budget for festive expenses without relying on credit.
“The seminars will cover a broad range of topics and I hope that it will give those attending the confidence to manage their money this Christmas and even start to plan their long-term financial decisions. The tools I will be teaching will be simple to understand and easy to apply so I would encourage parents who wants to become better at money management to attend,” he concluded.
*Standard & Poor’s Global Financial Literacy Survey 2015. Ireland ranks lower than Norway, Sweden, Denmark, Finland, Iceland, Germany, the UK, the US, Canada, Australia, Israel.
*2013 UK study (MAS)