AIB survey shows only 26% people have a budget that they stick to
Seventy-four percent of people wish they had learned about financial literacy while in school (Photo by Pixabay via Pexels)
AIB has commissioned a number of educational related insights on the roll out of AIB’s Future Sparks School Impact Awards. The awards highlight and reward schools’ contributions to the social, financial and environmental success of their community. More than 380,000 students in 659 schools in Ireland have registered for the programme, with a total prize fund of €25,000.
Financial Literacy
Half of people are not very confident when it comes to managing their own personal finances, especially younger people. Confidence rises with age, with 66% of people aged 55 or over are very confident in their ability to manage their personal finances, compared to 41% aged 18 to 34.
While three quarters (73%) of people say they have a monthly budget, only one in four people (26%) have a budget that they stick to.
Those who say they are not confident in managing their own finances are less likely to have a budget (46% of those not confident about managing their own finances do not have a budget versus 27% total).
Over two thirds of people believe that parents or guardians should take most of the responsibility in teaching their children about financial literacy. Additionally, 97% believe that financial literacy should be taught in schools. People wish they had learned a variety of topics on financial literacy while in school with budgeting (74%) and saving money (70%) top.
Sustainability
Nine in ten people (91%) believe that parents or guardians are responsible for teaching children about sustainability. Three quarters (75%) believe schools are responsible and 69% of parents with school-aged children say their child learns about sustainability in school.
More than nine in ten people (92%) say they care about sustainability but only 9% say they are currently doing everything they can to live more sustainably. One in four (25%) of those who care about sustainability aren’t sure what they can do about it.
Reducing food waste (81%), recycling (75%) and reducing energy consumption / using energy saving light bulbs at home (71%) are the top ways in which people are trying to help the environment. The youngest age group, 18 to 34, are most likely to say they buy eco-friendly, green, or organic products (32% versus 26% total).
Mary Whitelaw, chief sustainability and corporate affairs officer, AIB, said: “As a bank at the very heart of the Irish economy, AIB’s role is to support our customers in the creation and delivery of sustainable economic, social and environmental development across Ireland. We recognise that supporting our educators to encourage financial literacy and wider life skills is key. Financial literacy helps us all make informed choices to improve our financial well-being and we take our role in financial education and enhancing financial literacy very seriously.
“We know that schools, students and teachers in communities throughout our country are already doing exceptional work when it comes to improving their local area with activities like volunteering, fundraising, environmental action, skill sharing and teaching, awareness raising, and more. AIB wants to recognise and reward this work and we are delighted to invite schools across the Republic of Ireland to enter the AIB Future Sparks School Impact Awards to help do just that.’’
