It was a good day today for FLIT Financial Literacy, seeing our work unfold in a few different places, connecting with communities and tackling some important topics. It's always heartening to see the appetite for financial knowledge growing in Ireland.
Getting Started in Dublin
Our day kicked off with a really productive co-design session at the Guinness Enterprise Centre (GEC). The GEC, as a hub of innovation and part of the Smart D8 programme, is a brilliant place to develop new ideas. We were working on content for our ‘Savings, Pensions and Investment’ module. It’s vital to get this right, and we were fortunate to have Gilbert Nyandoro (ACCA) lend his expertise, not just in content creation but also in helping us get our own FLIT business finances in order – a bit of financial literacy for us too!
Down to Waterford: Libraries at the Heart of the Community
Later in the day, we made our way down to Waterford, where we had the pleasure of delivering two workshops on behalf of Waterford City & County Council Library Services. Libraries are truly wonderful places, acting as fantastic conduits for information and community engagement. It was heartening to see our FLIT advertising poster displayed prominently alongside a selection of financial literacy books by well-known authors – a great sign that the local libraries are actively promoting these vital skills.
We held the first workshop at the Central Library on Lady Lane, followed by another at Ardkeen Library, just a few miles down the road. We had about twelve participants across both groups, and the energy and interest were palpable.
Pensions, Savings, and Investment: Hot Topics
One thing that really stood out was the strong interest in pensions, savings, and investment. This is a topic that seems to be gaining more traction, and we’re seeing it more and more in our workshops. The recent introduction of pensions auto-enrolment and the discussion around a new household investment incentive, or Personal Investment Account (PIA), have certainly raised awareness.
Participants, depending on their stage of life, were keen to understand tax savings when contributing to arrangements, or how best to draw cash from them. With the proposed PIA, people are looking for opportunities to explore investing. There are still details to be clarified, especially around the tax-free threshold and the rate of tax for amounts above it – we’re all keeping an eye on Budget 2027 for clarity on that front! It’s also crucial to remember that the proposed schemes will act as a ‘tax wrapper’ around existing investment products, so researching fees and charges remains essential for consumers to ensure growth isn't confounded by hidden costs.
Beyond the Headlines: Diverse Discussions
Our workshops covered more than just pensions. We delved into other important areas, such as the Decision Support Service, the new EU Right to Repair Directive, and the increasing risks of fraud in our AI-enabled world, especially with mobile devices becoming primary banking tools. The ease of saved passwords can sometimes inadvertently reduce two-factor authentication to just one, highlighting the need for constant vigilance.
One of the most rewarding aspects of these community workshops is the wide and varied nature of the discussions. The questions are always interesting, and it’s fantastic when people share their own insights and experiences. We had participants sharing their knowledge about switching to solar energy or using SEAI energy-saving grants, which adds so much value to the group learning. It was also wonderful to hear library customers speak so highly of the warm and personalised service they receive, from book clubs to recommended reading and outreach efforts. A big thank you to Waterford City & County Council Library Services for providing such a great opportunity to connect with their community!
