More financial education needed

Banks need to offer more educational support to young people.

That was the view of Fine Gael Councillor, T.P. O’Reilly, at a recent council meeting.

He stated that “the banking system has moved on”, which has resulted in very little “one-to-one services” due to the current predominently online service available.

Fianna Fáil councillor Áine Smith stated that some schools give advice to students on how to create a bank account. However she believes more needs to be done to educate the youth regarding mortgages. Her fellow councillor Philip Brady remarked that students “need to drop maths and learn how to tap a card".

He further stated that people in their late 20s generally don’t have the correct savings system in place in order to secure a mortgage.

The council agreed to approach banks, requesting them to educate the youth regarding these services.