Financial Crime World

Financial Inclusion and Crime on the Rise in Ireland, Warns Report

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A new report has sounded the alarm over financial inclusion and crime in Ireland, highlighting the need for urgent action to address the issue.

The Concerning Trend

The Financial Wellbeing in Ireland: Financial Literacy and Inclusion in 2023 report, submitted by Indecon International Consultants to the Competition and Consumer Protection Commission (CCPC), reveals a concerning trend. According to the report, one in five individuals in Ireland lacks basic financial knowledge, leaving them vulnerable to financial shocks and exploitation.

The research suggests that crime is increasingly linked to financial exclusion. The report highlights the need for a more comprehensive approach to addressing financial inclusion, which includes:

  • Improving financial education
  • Increasing access to financial services
  • Enhancing consumer protection

The Need for Holistic Approach

Experts warn that financial exclusion can lead to increased vulnerability to financial exploitation, fraud, and other forms of financial crime. The study’s findings underscore the need for a holistic approach to addressing financial inclusion.

CCPC’s Response

The CCPC has submitted the Irish data to the Organisation for Economic Co-operation and Development (OECD) for analysis alongside other countries. The findings of the study are expected to inform policy decisions aimed at promoting financial inclusion and reducing financial crime in Ireland.

Call to Action

The report’s release comes as a warning to policymakers, financial institutions, and individuals alike that the issue of financial inclusion is not just an economic concern but also a social and criminal justice issue. The CCPC has released detailed datasets from the report, including annexes on financial literacy and inclusion, as well as an additional report on financial wellbeing in Ireland. The data is available online and can be accessed through the CCPC’s website.

Conclusion

Financial exclusion is a pressing issue that requires immediate attention. It is essential to address this problem by improving financial education, increasing access to financial services, and enhancing consumer protection. By doing so, we can reduce the vulnerability of individuals to financial exploitation and promote a more inclusive society.