Financial literacy requirements needed to build financial wellbeing for older persons in Ireland

Previous research has shown that financial literacy tends to decline with age, and targeted educational interventions can help mitigate this trend (Karthika et al., 2023). Melissa’s research explores the financial literacy requirements necessary to build the financial wellbeing of older persons in Ireland. Financial literacy levels in Ireland remain relatively low and coupled with longer life expectancies, this research addresses a critical gap in understanding how to enhance financial literacy for older persons (Nolan and Barrett, 2019). Key areas to be addressed include the importance of financial literacy in enhancing the financial wellbeing of older adults and the specific financial challenges faced by this demographic.

The methodology employed is qualitative, focusing on in-depth interviews and focus group discussions with stakeholders from the financial industry and representatives from organizations that support older persons. Findings from the research will identify elements of financial literacy required to build financial wellbeing among older persons. The study will conclude by providing recommendations aimed at developing effective age-friendly financial literacy programs for older persons in Ireland, with implications for policy and practice. It will also highlight areas for future research, emphasizing the importance of ongoing efforts to enhance financial literacy and, consequently, financial wellbeing for older persons in Ireland.

Supervisors

Primary

Dr. Maeve McArdle, Dept of Business and Humanities, DkIT

Secondary

Emer Mc Kenna, MALT, Assistant Lecturer, Dept of Business Studies, DkIT

Expected completion date of study

February 2025