Saving money, shopping online, and learning from TikTok: new survey details the financial behaviours of Ireland’s teenagers
March 22, 2024
A new report from the Money Advice and Budgeting Service (MABS), Money Attitudes and Behaviours of Young People Living in Ireland, was launched today by Minister for Finance Michael McGrath as part of a closing event for Global Money Week.
The report is based on a survey of 1,850 secondary school students in Ireland, aged mainly between 15 and 17.
Key findings:
- 1 in 3 students mainly learn about money from social media, with TikTok the social network of choice for most
- 1 in 10 never save money
- 4 in 5 shop online
- Almost all (96%) of those surveyed believe it is important to talk about money
The report launch marked the close of Global Money Week (18-24 March), an annual worldwide financial awareness campaign for children and young people. The launch took place in Coláiste Éamann Rís in Cork City.
A series of online and in-person events from eleven participating organisations in Ireland have reached thousands of secondary school students over the past week.
Speaking on the importance of financial education at the event, Minister for Finance, Michael McGrath, stated,
“Financial education is crucial for children and young people to develop essential life skills. I am delighted to launch this report from MABS on the money attitudes and behaviours of Irish young people during Global Money Week. These results give us an important insight into how young people manage, view and spend their money.
This type of evidence is very important in designing financial education to assist young people make good decisions about their money which will help them in achieving their goals in life. It is also the type of research that will inform the development of Ireland’s first National Strategy on Financial Literacy.
I am heartened to see the wide range of Irish stakeholders taking part in Global Money Week 2024 through the CCPC’s coordination and wish the participants every success in their work.”
Dermot Sreenan, Business Manager MABS Support, said,
“MABS staff play a central role in delivering Global Money Week initiatives and workshops in schools nationwide. Our report ‘Money Attitudes and Behaviours of Young People living in Ireland’ presents a rich analysis of how young people think and engage with money matters and financial services. This is important information in terms of developing evidence-based and impactful social policy submissions in the areas of financial inclusion and financial wellbeing.”
Commenting on the importance of ensuring financial awareness from an early age, Grainne Griffin, Director of Communications at the Competition and Consumer Protection Commission (CCPC) added,
“The CCPC is delighted to be coordinating Global Money Week 2024. Financial education has never been more important for young people. They’re earning money, spending money and saving money, but unfortunately they’re also being targeted by scams and online misinformation. It’s critical that they’re equipped with the necessary knowledge and skills to make sound financial decisions and ultimately achieve financial wellbeing and financial resilience.
This Global Money Week, thousands of young people across Ireland have learnt about everything from savings and taxes to cryptocurrencies and scams, through podcasts, webinars, quizzes, workshops and school visits from the eleven participating organisations.”
Global Money Week (18-24 March 2024) is an annual worldwide financial awareness campaign for children and young people. For more information, please visit ccpc.ie/money.
The Competition and Consumer Protection Commission (CCPC) coordinates Global Money Week in Ireland. Other participants include the BPFI, Brokers Ireland, the Central Bank of Ireland, the Department of Finance, the Financial Services and Pensions Ombudsman, Euronext, Junior Achievement Ireland, the Institute of Banking, MABS, and Revenue.
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