Enhancing Financial Wellbeing

We continue to be recognised as the number 1 bank for Financial Wellbeing in Ireland which puts us in a pivotal position to improve Ireland’s financial health. In simple terms, financial wellbeing is about having a good relationship with money. We are all at different stages of our journey to financial health, but we are all on the journey together.

In December 2021, we became a founding signatory of the United Nations Principles for Responsible Banking (UNPRB) ‘Commitment to Financial Health and Inclusion’. We were the first Irish bank and currently one of 23 globally to communicate our UNPRB commitments to financial health and inclusion. Our UNPRB commitment focuses on supporting our customers day-to-day and life event financial resilience.

You can read more on our UNPRB commitments here

Bank of Ireland’s Financial Wellbeing strategy is driven by 3 key pillars:

Fostering financial inclusion
Improving financial literacy and capability
Building a more financially resilient and confident Ireland

Myles O’Grady (CEO) and Mairead McGuinness (European Commissioner) alongside all 16 teams competing in the Money Smarts Quiz Challenge Grand Final in Trinity College Exam Hall, 12 May 2023.

Fostering financial inclusion in Ireland
Our ambition is to ensure inclusive and effective access to products and services for all so that no one is left behind on the journey to financial health.

Some examples of how we are fostering financial inclusion in Ireland include:
- Our vulnerable customer unit which is fundamental to promoting financial inclusion amongst prioritised groups and provides enhanced expert banking support to customers in vulnerable circumstances or situations;
- Our ‘Extra Help’ hub which centralises information about all the additional supports available to customers, families, carers and advocates across a range of topics;
- Basic Bank Accounts;
- Working with the Irish Alzheimer’s Society and the HSE to build a training and education programme which will see all branches become ‘Dementia Friendly’ by the end of 2024
Improving financial literacy and capability in Ireland
Our ambition is to empower people (including colleagues) with the knowledge and skills to help them improve their financial literacy and capability on their journey to financial health.

Some examples of how we do this include:
- Bank of Ireland’s financial literacy programmes for both primary and secondary schools which continue to grow yearly;
- Our financial wellbeing online centre which provides educational content including articles, tools, and calculators;
- Supporting adults with financial education initiatives internally and externally;
- Mi365 our in-app money management tool which delivers personalised insights and tailored nudges to help customers review spending patterns, make better financial decisions, adapt their behaviours and habits to pursue their financial goals.
Building a more financially resilient and confident Ireland
Financial resilience is the capacity to withstand or absorb a financial shock which can be the result of an unexpected day-to-day expense or an unexpected life event such as job loss, relationship breakdown or long-term illness. It is a fundamental step on the journey to financial health.

Our ambition is to increase the number of customers and colleagues who have the resilience to withstand the financial impact of an unexpected day-to-day expense or a major life event. Our UNPRB commitment on financial health and inclusion focuses on both day-to-day and life event financial resilience. A key enabler to achieving this ambition will be working with active partnerships to support the financial resilience of prioritised groups. Protecting our customers and colleagues’ financial wellbeing is a key priority with a strong focus on supporting those with ‘money worries’ as well as providing fraud education and awareness.

To support customers, we have:
- Launched a ‘Money Worries hub’ signposting practical tips and resources to support customers as well as deploying a dedicated money worries helpline;
- One of the most comprehensive consumer fraud awareness programmes in Ireland as a central part of our commitment to safeguarding the financial wellbeing of our customers. You can find more information and advice on how to protect yourself from fraud in our Security Zone section.

Relevant Sustainable Development Goals