Belfast Telegraph

Thursday 17 April 2014

Irish teens bottom of banking survey

A new survey has found that Irish teenagers have only a very basic understanding of banking and financial awareness.

Ireland came at the bottom of the list in the research for the study, which examined the level of knowledge 18 and 19 year olds have on money matters in six European countries.

It found that only a fifth of those in Ireland understand the term 'disposable income', while more than 80 percent don't know what APR means.

The survey was also carried out in the North, Denmark, Finland, Norway and Sweden.

"The numbers that we were finding for Ireland if compared to we'll say Denmark. 69 per cent of the people we surveyed in Ireland didn't understand or they couldn't identify the cheapest loan offer when we gave them a selection of three different types," a spokesperson for National Irish Bank explained.

"That number was about 47 per cent in Denmark".

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