Simon Harris TD
Tánaiste and Minister for Finance
Managing personal finances is about more than balancing a budget or paying bills on time. It’s about independence, security and empowering people to plan for the future.
Whether it’s a young person opening their first bank account, a couple saving for a home or parents saving up for their children’s education, financial literacy is one of the most important life skills we can equip people with.
Make no mistake — Irish people are responsible with money. Across the country, people work hard, save carefully and try to plan ahead.
Deposit accounts shouldn’t be the only option
Too often, those savings are sitting in low-interest accounts where inflation gradually erodes their value over time. Deposit accounts have an important role; they provide certainty, security and easy access to money when needed.
For many, they’re the right choice, but they shouldn’t be the only realistic option available to people who want to grow their savings and build long-term financial security. That’s why improving financial literacy and encouraging wider participation in retail investment has become an important priority for me as Tánaiste and Minister for Finance.
Last year, Ireland launched its first National Financial Literacy Strategy to help people feel more confident in understanding money, asking questions and making informed financial decisions. A key focus is improving understanding of saving and investing.
it’s about building a culture where people feel more confident about money and more empowered to shape their own financial future
This month, I’m appointing financial literacy ambassadors to support this effort and participate in an EU-wide network promoting financial education. The objective: help build an investment-saving culture that other countries already have.
That doesn’t mean encouraging reckless behaviour or asking people to take risks they’re uncomfortable with. It means helping people better understand the choices available to them, the protections that exist and the importance of making decisions that suit their own circumstances and long-term goals.
New investment account
But financial literacy alone isn’t enough, which is why the Government is progressing plans for a new investment account.
The investment account should be simple, accessible and transparent. People should clearly understand what fees they’re paying, what tax treatment applies and how their investment works. It should be easy to use, easy to move between providers and free from unnecessary complexity or hidden charges.
I want to make investing feel less intimidating and less like something reserved for a few. The investment account can provide a clearer, more accessible route for ordinary workers and families who want to plan and build financial resilience.
Ultimately, it’s about building a culture where people feel more confident about money and more empowered to shape their own financial future.
A financially resilient society is one where people have the knowledge, tools and opportunities to plan with confidence. That’s what I want to achieve.
