Ireland’s National Financial Literacy Strategy aims to help people build the knowledge, confidence and skills needed to make informed financial decisions throughout their lives.
Published by the Department of Finance, Ireland’s first National Financial Literacy Strategy provides a framework for improving financial awareness and wellbeing across society. The Strategy recognises that understanding money is an important life skill, helping people manage day-to-day finances, prepare for the future and make more informed decisions.
At Dooley Insurance Group, we believe that understanding your financial commitments and protection arrangements is an important part of making informed decisions for yourself and your family.
What is financial literacy?
Financial literacy is about more than budgeting or knowing how much money is in your bank account.
It includes understanding the financial decisions we make throughout our lives, including areas such as:
- Managing everyday money
- Saving for the future
- Understanding borrowing and debt
- Planning for retirement
- Recognising scams and financial fraud
- Understanding financial products and services
- Making informed decisions about investments
- Understanding the importance of insurance and financial protection
The aim is not for everyone to become a financial expert. Instead, financial literacy can help people feel more confident asking questions, comparing options and understanding the decisions they are making.
Why financial literacy matters
Financial decisions can affect individuals and families at different stages of life.
Someone starting their first job may be learning how to budget and manage regular expenses. A growing family may be reviewing household finances and insurance arrangements. Others may be thinking about pensions, retirement, savings or protecting their financial future.
Having access to clear information and taking time to understand financial products can help people make more informed choices.
However, it is important to remember that general financial information is not the same as personalised financial advice. Individual circumstances can vary, and decisions should be considered carefully.
Financial confidence and everyday decisions
Financial confidence can begin with simple steps.
You may find it helpful to:
Understand what you are paying for
Whether you are reviewing insurance, a loan, a pension or another financial product, take time to understand the costs, terms and conditions involved.
Ask questions
If something is unclear, ask for an explanation. Understanding a product before making a decision can be important.
Review your arrangements regularly
Your circumstances can change over time. A financial arrangement or insurance policy that suited you several years ago may need to be reviewed as your needs change.
Be alert to scams
Financial literacy also includes recognising potential scams and understanding how to protect your personal and financial information.
Unexpected offers, pressure to act immediately and requests for sensitive information should always be treated with caution.
Understanding the role of insurance
Insurance can form an important part of an individual's or family's wider financial planning.
Depending on your circumstances, insurance may help you manage certain financial risks. However, the level and type of cover available will depend on the policy you choose and your individual circumstances.
When reviewing insurance, it is important to consider more than the premium alone. You may also need to understand:
- What the policy is designed to cover
- Policy limits
- Excesses
- Exclusions
- Terms and conditions
- Eligibility requirements
- Any responsibilities you have as the policyholder
Not all policies provide the same level of cover, so comparing the details carefully is important.
Ireland’s National Financial Literacy Strategy continues to develop
The National Financial Literacy Strategy runs from 2025 to 2029 and is supported by ongoing action plans and initiatives.
The latest Action Plan for 2026–2027 continues the focus on helping people build financial confidence and resilience. Areas of focus include topics such as saving, pensions, fraud awareness and investing, alongside initiatives designed to support financial literacy at different stages of life.
This reflects the fact that financial education is not a one-time event. The financial decisions people face can change throughout their lives, and access to clear information can help people navigate those decisions.
Take time to understand your financial arrangements
Whether you are reviewing your household budget, planning ahead or looking at your insurance arrangements, taking time to understand the information available to you can be worthwhile.
At Dooley Insurance Group, we encourage customers to ask questions and understand their insurance arrangements before making decisions.
If you would like to discuss your insurance requirements or review your existing arrangements, our team is available to help you understand the options relevant to your circumstances. Visit Dooley Insurance Group to find out more about our services.
Please remember that insurance cover is subject to the specific terms, conditions, limits, exclusions and eligibility requirements of the relevant policy. The information in this article is intended as general information and should not be treated as personalised financial, legal or insurance advice.
