Financial literacy is not an abstract social concern; it is a measurable drag on household wealth, investment participation, and economic resilience. New research by Irish Funds, the representative body for Ireland’s investment funds and asset management industry, conducted with Amarách Research, finds that 44% of Irish adults do not feel financially literate. That figure rises to 49% among women compared with 37% of men, and is highest among those under 35.

The findings arrive at a significant moment. The Government is working towards launching a new savings and investment account to move household wealth off deposit and into growth-oriented instruments. That ambition sits uneasily with a population of whom almost two-thirds leave savings on deposit, where inflation erodes real value. For finance and accountancy leaders, the data presents a challenge and an opportunity.

The gender gap in financial confidence is the most commercially significant finding. Women are significantly less likely than men to hold private pensions, direct shareholdings, or exchange-traded funds, and more likely to report having no personal savings. Pat Lardner, chief executive of Irish Funds, is clear: meaningful change at age and gender level requires a systemic response through the national financial literacy strategy, sustained over the next 15 to 20 years.

The paradox the research exposes is that low financial literacy concentrates risk where it is most damaging. Under-35s, who report the highest rates of financial illiteracy, are also the group most likely to invest in higher-risk or emerging assets such as cryptocurrency. Without foundational knowledge to evaluate risk, cost, and return, younger adults face the very volatility that structured financial education and professional guidance could help mitigate.

The accountancy and finance profession is well positioned to address the structural gaps the Irish Funds research identifies. Chartered accountants and financial advisers are best placed to translate complex product information into accessible guidance. Embedding financial literacy support into client advisory services, workforce wellbeing programmes, and community engagement is not peripheral to the profession’s commercial purpose; it is an expression of it.

For CFOs and finance directors, the workforce dimension warrants direct attention. Employees who lack financial literacy are more likely to make suboptimal pension and savings decisions, with consequences for long-term financial security that affect productivity and wellbeing. Organisations that invest in structured financial education, through formal programmes or access to independent guidance, convert a social deficit into a competitive asset.

The Irish Funds research is a useful baseline and a call to action. A population in which nearly half of adults feel financially illiterate cannot fully participate in the investment products and savings schemes that will define long-term wealth accumulation. For finance and accountancy leaders, bridging that gap is both a professional responsibility and a growth opportunity.

(The views expressed by the writer are their own and do not necessarily reflect the views or positions of BusinessRiver.)