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Irish Examiner
30-06-2025
- Business
- Irish Examiner
Four in 10 adults unable to answer Junior Cert exam question on inflation
An overwhelming majority of Irish adults believe they have an 'average' or 'high' level of financial literacy, but more than 40% could not correctly answer a Junior Cert-level business sample exam question on the impact of inflation on household purchasing power, research shows. The PTSB Reflecting Ireland research revealed 90% of respondents think they have average or high financial literacy, but only 58% identified that high inflation is bad for their purchasing power, with 27% incorrectly saying it is positive for them, 10% incorrectly saying it would remain the same, and 5% saying it makes their personal finances more stable. Just under 10% of survey respondents said their financial literacy is low. This cohort reported feeling down about their finances and uncomfortable talking about money to family and friends. Some 40% of respondents cited the belief that feelings of embarrassment can be a key barrier to improving financial understanding. Only 53% of people are comfortable talking to a friend or family member about money. Protection against scams 'These results highlight that support is needed to educate people on the importance of financial literacy in order to increase financial resilience, inclusion, and protection against financial scams,' said PTSB chief sustainability and corporate affairs officer Leontia Fannin. Some 47% felt technology has helped them to better understand fees and charges, financial products and services available, and their personal spending habits. This rises to an average of 57% for 18 to 24-year-olds. Those over 55 are the least likely group to have used technology to help understand their finances better. Regarding the rise of AI, 27% of respondents said they would be comfortable getting AI-generated advice on how to better manage their money (up from 24% last year). This increases further to 42% for 25 to 34-year-olds. 'People rating themselves with high financial literacy are more confident about the benefits of AI and technology in building knowledge and generating advice. This suggests an opportunity for people to embrace digital tools to support them in their day-to-day budgeting and financial awareness,' Ms Fannin said. Read More Grocery prices now rising three times faster than other goods
Irish Independent
30-06-2025
- Business
- Irish Independent
Large numbers of consumers confused about impact of inflation on purchasing power
And many consumers have a limited understanding of how the tax on savings accounts works. That is according to a new survey that lays bare the extent of financial illiteracy in this country. The PTSB 'Reflecting Ireland' research revealed that nine out of 10 of respondents think they have average or high financial literacy. But specific questions asked as part of the survey contradict this view that people understand personal financial matters. The research found that four out of 10 respondents could not correctly answer a Junior Cert level business sample exam question on the impact of inflation on household purchasing power. They were asked if high inflation is bad for their purchasing power – the quantity of products and services available for purchase with a certain amount of money. The research found that only 58pc of respondents identified that high inflation is bad for their purchasing power. Some 27pc got it wrong, answering that high inflation was not bad for their purchasing power. And 10pc incorrectly said their purchasing power would remain the same in a period of high inflation. Some 5pc said high inflation makes their personal finances more stable. ADVERTISEMENT Consumers were also asked about the impact of DIRT (Deposit Interest Retention Tax) on their savings. Only of respondents were able to correctly calculate the total amount of savings they would earn after DIRT is applied. PTSB said these findings were consistent with other aspects of the survey, which also asked respondents to assess for themselves their ability to understand financial terms, concepts and products. Just under 10pc of respondents said their financial literacy is low. This cohort reported feeling down about their finances and feeling uncomfortable talking about money to family and friends. Some 40pc of respondents cited the belief that feelings of embarrassment can be a key barrier to improving financial understanding. The survey, conducted by Core Research, also found that only 53pc of people are comfortable talking to a friend or family member about money. PTSB chief sustainability and corporate affairs officer Leontia Fannin said the results of the survey show that more needs to be done to raise financial literacy levels. 'These results highlight that support is needed to educate people on the importance of financial literacy in order to increase financial resilience, inclusion, and protection against financial scams,' she said. Almost half of respondents felt technology has helped them to better understand fees and charges, financial products and services available, and their personal spending habits. This increases to an average of 57pc for those aged between 18 and 24. Those over-55 are the least likely group to have used technology to help understand their finances better. A drop in consumer sentiment towards the economy was also recorded in the replies. More than half believe the country is on the wrong track, a number which has grown significantly since the start of the year. Some 42pc say their financial situation has deteriorated over the past 12 months. And a third say they expect to be worse off in a year's time, and a similar proportion say they will be no better off.
Irish Examiner
30-06-2025
- Business
- Irish Examiner
Is inflation good or bad for your purchasing power? Four in 10 Irish people don't know
An overwhelming majority of Irish adults believe they have an 'average' or 'high' level of financial literacy but more than 40% could not correctly answer a Junior Cert level business sample exam question on the impact of inflation on household purchasing power, a new research showed. The PTSB 'Reflecting Ireland' research revealed 90% of respondents think they have 'average' or 'high' financial literacy but only 58% identified that high inflation is bad for their purchasing power, with 27% incorrectly saying it is positive for them, 10% incorrectly saying it would remain the same, and 5% saying it makes their personal finances more stable. Just under 10% of survey respondents said their financial literacy is low. This cohort reported feeling down about their finances and feeling uncomfortable talking about money to family and friends. Some 40% of respondents cited the belief that feelings of embarrassment can be a key barrier to improving financial understanding. Only 53% of people are comfortable talking to a friend or family member about money. 'These results highlight that support is needed to educate people on the importance of financial literacy in order to increase financial resilience, inclusion, and protection against financial scams," said PTSB chief sustainability and corporate affairs officer Leontia Fannin. Almost half (47%) of respondents felt technology has helped them to better understand fees and charges, financial products and services available, and their personal spending habits. This increases to an average of 57% for 18-24-year-olds. Those over-55 are the least likely group to have used technology to help understand their finances better. Regarding the rise of artificial intelligence, 27% of respondents said they would be comfortable getting AI-generated advice on how to better manage their money (up from 24% last year). This increases further to 42% for 25-34-year-olds. "People rating themselves with high financial literacy are more confident about the benefits of AI and technology in building knowledge and generating advice. This suggests an opportunity for people to embrace digital tools to support them in their day-to-day budgeting and financial awareness," said Ms Fannin.
RTÉ News
29-05-2025
- Business
- RTÉ News
PTSB launches new Sustainability Strategy up to 2027
PTSB has today launched its new Sustainability Strategy, which covers the years from 2025 to 2027, and which will focus on channeling investment and directing impact towards areas that enhance societal wellbeing. These include a specific focus on providing finance to SMEs that have an environmental and social impact as well as expanding supports for personal customers through sustainable products and services. The bank also plans to enhance its financial literacy and financial wellbeing and also plans to reducing carbon emissions in line with Science Based Targets. It will also invest in local community initiatives and advocating for social inclusion, such as PTSB's Community Funding Programme and its partnership with autism charity AsIAm. Meanwhile, a new report from PTSB shows that most Irish businesses are looking at new commercial opportunities in sustainability, in areas such as energy efficiency, climate technology, circular economy, renewable energy and organic food production. PTSB's latest "Reflecting Business" report also shows more and more Irish businesses see the benefits of sustainability initiatives for both their commercial and their environmental benefit. The research found that 78% of Irish businesses see the sustainability market as a major growth opportunity to win more customers and increase revenues, while 92% say their customers are interested in sustainable products and services. It also reveals that 74% of business here said they have supported customers in making more sustainable choices, or plan to do so, while 73% said they have engaged with suppliers to source more sustainable goods or services, or plan to do so. Meanwhile, 80% of businesses said they are are interested in Impact Lending, where loans are offered to businesses on the basis of providing a positive environmental or social impact. Despite rising costs and global economic uncertainty, today's research found cautious levels of optimism among businesses, with 98% of businesses expecting to grow or remain the same over the next 12 months. 45% are expecting growth, 53% expect to remain the same, while 2% expect to decline. PTSB said that increased cost of goods and global economic turbulence are seen as the biggest challenges to growth that face businesses, with 36% citing increased cost of goods as an issue and 35% citing global economic turbulence. But despite these headwinds, 80% of businesses feel it is likely or somewhat likely that they will invest further in their business over the next 12 months, with 20% saying they are not likely to. Leontia Fannin, PTSB's Chief Sustainability and Corporate Affairs Officer, said the research shows that more and more Irish businesses are identifying the commercial opportunities that sustainability can bring. "Customers are changing their buying habits to become more sustainable and businesses are increasingly seeing the benefits of reflecting this shift, enhancing both their own offering and how they source their supplies," she said. "By embracing sustainability, businesses are changing their behaviours, not just for the environmental and societal benefits this can bring, but for the cost efficiencies and commercial benefits too," she added. Seán Farrell, PTSB's Head of Business Banking, said the commercial case for sustainability is growing. He said that businesses have identified the importance that existing and potential customers are placing on sustainability, and they are reacting accordingly. "Our Reflecting Business research confirms that Irish businesses recognise the competitive and strategic advantage of embedding sustainability into their operations. This reflects our own experience, with 23% of our new SME lending in 2024 to businesses that have an environmental or social impact," he said. "Businesses who invest in sustainability are also investing in their growth potential by lowering their energy usage, transport costs and by reducing waste," he added.
Irish Times
29-05-2025
- Business
- Irish Times
Irish businesses still see benefit in sustainability initiatives, survey says
More Irish businesses are recognising the opportunity presented by sustainability initiatives, with the potential to increase revenues and win customers, a PTSB survey has found. The research highlighted energy efficiency, climate technology, circular economy, renewable energy and organic food production as areas of particular interest to Irish companies Some 78 per cent of businesses said the sustainability market was a major growth opportunity to win more customers and increase revenues. The majority – 92 per cent, said their customers are interested in sustainable products and services, while 74 per cent say they have supported customers in making more sustainable choices, or plan to do so. Almost three quarters have looked at more sustainable goods and services, or plan to engage with their suppliers on the matter. Impact lending, where businesses are offered loans based on a positive environmental or social impact, is of interest to 80 per cent of Irish companies. READ MORE 'Our Reflecting Business research shows that more and more Irish businesses are identifying the commercial opportunities that sustainability can bring. Customers are changing their buying habits to become more sustainable and businesses are increasingly seeing the benefits of reflecting this shift, enhancing both their own offering and how they source their supplies,' said Leontia Fannin, PTSB's chief sustainability and corporate affairs officer. 'By embracing sustainability, businesses are changing their behaviours, not just for the environmental and societal benefits this can bring, but for the cost efficiencies and commercial benefits too.' The PTSB report also found companies were still optimistic, albeit cautious, about their future, despite economic headwinds and global uncertainty. While 45 per cent of businesses said they expected to grow over the coming 12 months, 53 per cent expect things to remain stable and only 2 per cent are predicting a decline. Almost two thirds businesses said the economic situation would stay the same, with 24 per cent expecting to see an improvement and only 8 per cent adopting a pessimistic view. However, 36 per cent said the rising cost of goods was an issue, and 35 per cent said there were concerns over global economic turbulence. More businesses were planning to invest in their companies over the coming year, with 80 per cent saying it was likely they would do so. The report was published to coincide with the launch of PTSB's sustainability strategy, which focuses on channelling investment and directing impact towards areas that enhance societal wellbeing.
