Credit Union launch resource to assist Irish teens and their families

A survey undertaken by the Irish League of Credit Unions has highlighted financial issues weighing heavily on Irish families in the current economic climate.

The survey which was carried out on over 1000 people from various socioeconomic backgrounds has revealed that the cost of education is a major financial concern.

In addition to issues regarding third level education, parents also expressed worry regarding their children's money management, or lack thereof.

While more than 80% of Irish teenagers have a savings account, only 17% of those are attempting to save for university despite the fact that nearly half of all parents surveyed admitted that they could not afford to pay the full cost of their child's college courses.

Commenting on the findings, Ed Farrell, the CEO of the Irish League of Credit Unions, said: "We can clearly see from this survey that parents of teenagers are looking for better support in educating their children on understanding and managing their finances."

Parents hope schools begin to play a role in educating teens on the importance of managing their finances, with Ed Farrell asserting: "The new social and financial reality of of life in Ireland means that having a solid understanding of basic financial principles for our young people is extremely important."

A resource called Clued-In has been launched by the Irish League of Credit Unions which aims to educate teenagers about their finances.