The irony of that 2007 advert for what was then the Irish Financial Services Regulatory Authority.
“I don’t know what a tracker mortgage is,” became a panel show refrain, a drunken night’s catchphrase and a meme for your Bebo page.
Little did we know that a year later, too many of us would be acutely aware of the significance of a tracker mortgage and that the authority had not been paying attention.
But the kernel of truth at the heart of the advert remains pertinent even in 2026.
So many of us do not understand financial jargon. And even people who read stacks of books can be illiterate when it comes to money.
In this episode of Better with Money, we speak to financial planner with Castle Capital of Limerick Leah McMahon.
She impresses upon listeners how financial literacy isn’t just about comprehending definitions, it’s about independence and freedom.
In light of International Women’s Day on Sunday, March 8th, we discuss why women are considered a vulnerable group in the government’s National Financial Literacy Strategy.
“To see that in black and white, it’s a bit, ‘wow, how did we get here’? And I think ... it’s partly got to do sometimes with the financial services industry; it’s extremely male dominated.”
McMahon has tips on how to tackle difficult conversations about money – like pay negotiations – sharing an anecdote about a client who once disclosed her salary in an interview situation.
The woman told her interviewers she was earning €36,000 a year in her current role.
The salary band for the prospective job was €38,000 to €40,000.
McMahon admonished her for showing her hand, saying she was now facing being offered the job at the lower rate of €38,000.
“I said, when they come back with 38, you tell them that you want 40. And I was like, ‘and you never again answer that question.’”
Many of us will be familiar with the so-called “motherhood penalty” and gender pay gap, driven by cultural norms around caring duties after having children.
But perhaps fewer of us understand the implications that gap has for our pensions and how, on average, women end up with about a third less in the pot, come retirement, than men.
Don’t let the word pension put you off. They’re one pillar of what your investment strategy should be, according to McMahon. Investing in the stock market is another.
It’s about looking at your five-year goal, she says.
If “we need to, say, have 10 grand in five years’ time. What do we need to save today based on your ability to save? Then that can sometimes dictate, I suppose, what investment funds you go into. Because if you can afford to save less, then you’re looking at, ‘okay I might, may have to take on, you know, a higher level of risk.’”
McMahon also shares a defining moment from early in her career when a client’s husband died suddenly.
The woman’s aversion to engaging in the day-to-day finances left her locked out of almost every account she and her family needed access to.
McMahon endeavoured to “never let another woman walk out of my office, not knowing what’s going on”.
We also discuss the hidden signs of financial abuse and how it can be disguised in high-income households.
People often think it looks like crisis, but sometimes financial abuse “looks like comfort”, she says.
You can listen to this episode on the player above, or search for Better with Money wherever you get your podcasts.
