The bank’s latest Financial Literacy Score Index surveyed adults across Ireland on common money matters

A nationwide Financial Literacy Score Index survey from the bank, carried out by Red C, found that Ireland continues to score in the low 50s when it comes to financial literacy.

The average score stands at 54pc, meaning just over half of questions on money matters were answered correctly.

Only 27pc of adults recalled being taught about money in school or college. However, those who did appeared more likely to be financially stable later in life.

Among people classified as ‘thriving’, 37pc said they had learned about financial skills in education. Just 16pc of those classified as ‘struggling’ did.

Men recorded a higher literacy score than women

A similar pattern emerged around conversations at home. More than half of those ‘thriving’ said their parents talked about managing money when they were children, compared with just 29pc of those ‘struggling’.

Younger adults report slightly better exposure. Around one in three 18- to 34-year-olds said they were taught about money in school or college, compared with one in five of those over 55.

Financial literacy scores among 18- to 24-year-olds rose by five percentage points in this survey, even though overall national levels remain unchanged.

Men recorded a higher literacy score (58pc) than women (50pc).

The survey also highlighted uneven knowledge across different topics. Respondents performed strongest in basic numerical tests (69pc) and understanding prices (65pc).

We have often thought of pensions as being daunting, but this suggests an even bigger challenge in building everyday understanding

Savings was the weakest area, with just 38pc of questions answered correctly. Knowledge of tax reliefs (47pc) and pensions (50pc) as also low.

“A strong theme in this research is the importance of early, practical conversations about money in homes and schools,” said Áine McCleary, Bank of Ireland’s chief customer officer.

“When children hear and see how money is managed day-to-day, they carry those skills into adulthood.

“We were also struck by the topic results. Savings scored lower than pensions, which runs counter to what many might expect. We have often thought of pensions as being daunting for consumers, but this suggests an even bigger challenge in building everyday saving habits and understanding, and in making the basics feel clear and doable.”

The literacy score is calculated from 24 questions on savings, credit, mortgages, pensions and insurance.