CCPC launches Investment Readiness financial literacy tool as it welcomes Government investment accounts
Gráinne Griffin, Director of Financial Education at the CCPC and Ireland's Financial Literacy Ambassador, said:
“Financial literacy is central to good investment choices. The CCPC welcomes the Government’s new investment accounts which should make it easier and cheaper for Irish consumers to invest. For consumers who are ready to invest, this is really good news. But it won’t be for everyone. The CCPC has today launched new online resources including an easy self-assessment tool for consumers who are now considering investments.
Advice for consumers
“Consumers can visit ccpc.ie/investments to learn more about investing and check their investment readiness using our quick self-assessment quiz.
“Investments are a good idea when consumers can afford to put money away for years at a time. Before you invest, build up emergency or buffer savings that would allow you to cover at least three months living expenses. This will give you the financial resilience to deal with unexpected income shocks like a large dental bill, the washing machine breaking down or a job loss.
“Don’t miss out on money by keeping these savings in an account with a terrible interest rate. Most Irish consumers could earn far more interest on their savings. The CCPC savings comparison tools show a range of accounts offering over 3% interest, while too many Irish consumers are getting less than 1%.
“If you are happy to wait for retirement to enjoy the fruits of your investments, then you will get better tax relief by contributing to a private pension (up to a maximum allowed amount). Something to think about while we are waiting for the new investment accounts to go live.
Value for money
“Moving to investments is a big step for a lot of consumers. It will be critical that the financial services industry puts consumers first when planning these accounts. In the CCPC we want to see consumer friendly products that offer real value for money including very clear and transparent charges.”
The CCPC's Investment Readiness Tool is informed by OECD financial literacy guidance and European investor protection principles. It takes less than five minutes to complete and provides free, independent and impartial feedback. For more information, visit our Savings and Investment section
