Nearly half of Irish adults do not feel financially literate, according to new research by Irish funds, the group representing investment funds and asset management industry in Ireland.
The study, conducted with Amárach Research, found that 44% respondents were unsure about their financial literacy.
Women were significantly less likely than men to describe themselves as financially literate (49% versus 63%), according to the poll.
Women are also far less likely to participate in investment products and platforms such as private pensions, direct shareholdings and exchange-traded funds, along with being more likely to report having no personal savings at all, the report said.
That creates a disadvantage for women, Irish funds say, compounding inequality over a lifetime through lower pensions and weaker long-term financial resilience.
The study also point at challenges younger adults face when it comes to financial confidence, with those under 35 "most likely" to day the are not financially literate.
Younger adults are also exposed to more financial risks and more likely to invest in higher-risk or emerging assets like cryptocurrency, Irish Funds said.
Confidence rises steadily with age, with 68% of those aged 65 and over saying they are financially literate and only a small minority expressing uncertainty.
The report comes as the Government works towards launching a new savings scheme.
"The focus must be on making it clearer and more straightforward for ordinary households", CEO of Irish Funds Par Lardner said.
"With almost two‑thirds of adults leaving their savings on deposit - where the real value of money can be eroded over time - the data presents a compelling case for more accessible financial education, alongside a system that is easier for people to navigate."
"People need to be able to understand what financial products do, what they cost and the level of risk involved", Mr Lardner added.
