Sir, – You report on a survey that concludes that “financial literacy levels in Ireland appear to lag those in peer countries” (Business, March 29th).
No wonder. Savings and investments are simply not part of popular culture here, and with good reason; low-cost funds (ETFs), for example, suffer from arcane and punitive tax rules, despite our huge funds industry; we have no ISA (individual savings account) scheme like the UK, possibly a legacy of the calamitous SSIA which did little to promote long-term savings but did inspire the notorious “30 Ways to Spend your SSIA” TV show.
I can’t help but conclude that this is because the Ministers and mandarins who actually decide such things have define-benefit pensions and have a leery attitude to such vulgar things as investing in the stock market which is perceived as gambling. Meanwhile, cash deposits are surging in Irish banks instead of being invested sensibly in sober, broad-based index funds. – Yours, etc,
MATTHEW GLOVER,
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Lucan,
Co Dublin.
