While Irish people appear to be very good at drawing up monthly budgets to help them manage their day-to-day spending, they appear to be pretty bad at sticking to them.
Some 57 per cent of those polled followed the plan to some extent with nearly one in three – or 28 per cent – abandoned it.
The research also found two out of every three Irish adults struggled to understand financial terms, with women more likely to be confused than men.
Women were perceived to be much better at managing finances on a day-to-day basis, according to the survey, carried out ahead of International Literacy Day today.
It said 16 per cent of those questioned believed men were better at handling money while 42 per cent were pretty sure it was women who were better with money.
Only half of those surveyed said they have started planning for their retirement.
The report found 45 per cent of those aged between 35 to 54 years-of-age have no plan for their retirement.
The EBS and Nala today published revamped a financial information website, makingcents.ie This is a free resource aimed at anyone who wants to understand different areas of finances.
“For some time we have identified the area of financial services and money management as an area of difficulty for thousands of people,” said Nala director Inez Bailey.
The site hosts 32 videos covering banking, savings, loans, tax, debt, insurance and consumer rights with regard to financial products. It also has a budget planner tool.
