Minister for State Launches Online Money Management Education Programme

Survey reveals 63% believe banks have a responsibility to educate people about money matters

6th March 2008

Ulster Bank has unveiled a new interactive online financial education programme aimed at providing young people with essential money management skills. The Minister of State for Information Society, Tom Kitt TD, was on hand outside Leinster House today with students from CBS Westland Row, to show his support for the initiative known as MoneySense for Schools. The programme, the first of its kind in Ireland, is available online at www.ulsterbank.ie/ MoneySense

MoneySense for Schools is an online, interactive learning programme to help students learn essential life skills such as running a bank account, budgeting and managing money - skills that are critical in preparing young people for the financial challenges they will face when living independently away from home. It is aimed at 12-20 year olds, and has been developed in consultation with teachers in both Northern Ireland and the Republic of Ireland.

* Research recently conducted by Ulster Bank Group highlights that almost two in three people (63%) feel that banks have a responsibility to educate and inform people about money management. The survey points to a growing awareness of the need for financial education in schools. Amongst the parents surveyed, almost 80% state that it is very important that teens are taught about money management and encouraged towards responsible financial behaviour in the future.

Speaking at the launch, Minister Kitt said:
"Understanding banking and day to day money management are important life skills that are relevant for all of us. The MoneySense for Schools online programme is an extremely useful resource in helping to prepare young people for the choices they will need to make not just as students but throughout their lives."

Richard Donnan, Managing Director, Personal Banking, Ulster Bank Group added, "The investment in MoneySense for Schools is part of the Bank's strong commitment to improving financial capability among young people. We believe that this programme will help today's generation to develop healthy attitudes towards saving and money management, and will give them practical, useful information that will be valuable all their lives.

"Our information tells us clearly that people consider banks like Ulster Bank are well placed to help young people learn more about banking and money management. People now recognise that these are essential life skills, and can help to increase confidence in dealing with banks and in choosing and using financial products" says Mr Donnan.

The Ulster Bank Group survey reveals that 69% of respondents believe they would be more confident when dealing with their banks had they been educated and informed about financial affairs at an early age. 85% per cent of those surveyed say society as a whole would benefit if the banks were to provide personal finance information and education.

*The survey into attitudes on financial education was conducted by Red C on behalf of Ulster Bank Group in December 2007. Just over 1,000 adults aged 18 and over, representative of the demographic breakdown of the Republic of Ireland population, took part in the research.