The CCPC report on financial well-being shows that we need to promote strong savings habits and other responsible and informed consumer behaviour.
“In Ireland, too many consumers continue to pay too much for ordinary goods and services because they don’t have the skills, time or confidence to shop around or make sound financial decisions.”
Political Director and Consumer Affairs spokesperson for the Social Democrats, Anne-Marie McNally, has welcomed today’s report from the Competitiona and Consumer Protection Commission (CCPC) on financial well-being.
The report gives a picture of how Irish households are doing financially. It highlights the need to promote strong savings habits and other responsible and informed consumer behaviour.
Responding to the report, Ms. McNally called for extra funding for financial and digital literacy.
Ms. McNally said:
“Spending is as important to our living standards as income.”
“In Ireland, too many consumers continue to pay too much for ordinary goods and services because they don’t have the skills, time or confidence to shop around or make sound financial decisions. We see this through the million or so electricity customers who are currently paying too much on their bills because they haven’t switched supplier recently.”
“According to Age Action, over half of pensioners have never been on the internet, while the National Adult Literacy Agency tell us that about a quarter of Irish adults can’t do basic maths.”
“In our Alternative Budget for 2019, the Social Democrats called for a doubling of funding for adult literacy so that consumers could be much more informed of their options, the costs of the choices they make, and can gain confidence in their personal finances.
“However, the under-funding of adult literacy was not dealt with in the Budget and is an issue that is sadly ignored by most political parties.”
“Investing in Adult Literacy is the key to financial well-being and driving competition, and is one of the best investments we can make in our people.”
ENDS.
6th December 2018