FAQ

In Ireland, women experience a per-hour salary gap of 11.2% (2023), and average €120K less in retirement pension savings.

Household resource management is still primarily a female responsibility - including financial admin: oversight of childcare, educational, medical and care arrangements, for younger and older dependents. Caring responsibilities fall primarily to women - childbearing, childrearing, and elder care. This disrupts careers, and impacts women's lifetime earning capabilites.

The FLIT approach is not so much that men are excluded, rather that women are prioritised:

• Lifestage themes - allows for changing priorities and focus
• Appropriate presentation, tone and content
• Short lessons for busy people
• Coaching approach
• Personalisation - tailored content
• Task tracking - linking learning to actions
• Community/sharing emphasis

FLIT is intended to provide help users navigate their financial lives. FLIT's mission is to empower users to financial success.

This involves education, in financial literacy principles (although you can find these in multiple places on the web), but specifically how to navigate the legal, financial and social systems of Ireland.

Rules and terminology vary from one country to another. Some principles like DB (Defined Benefit) and DC (Defined Contribution) pension schemes applies regardless of which country you are referring to.

Terms like 'PRSA', 'student grants', 'fair deal scheme' in Ireland translate into 'ISA', 'student loans', 'Funded Nursing Care' for UK residents. Implementation and rules may also vary from one country to the next.

Hence, to deliver practical financial literacy education, FLIT must be localised to be directly relevant to southern irish users.

Does this impact on the scalability of FLIT? Yes, it does. It means that the education FLIT provides needs to be customised for new markets if FLIT is to expand and scale for use in additional territories.

We are researching (and testing) the use of AI to help in delivering personalised FLIT, to include multi-country personalisation

The increased digitisation of financial services means consumers are now operating their bank accounts using apps and small-screen devices - working through paper bank statements has been replaced by scrolling on your phone.  Transactions can now be instant, and performed in any WiFi-enabled location.  

Many families divide the financial labour, with one person focussed on day-to-day/ week-to-week spending and budgeting, and the other taking care of the bigger-ticket items - insurance renewals, income protection, pensions, investments and savings.    

While this makes sense from a practical viewpoint, regular review and sharing is a good investment of time - ensuring both have access to the accounts, and understand the family's financial strategies and position.  This means no surprises, and should one person become incapacitated, the other can capably take on their responsibilities.

Statistically, women tend to outlive men in Ireland by almost 4 years, and can be very vulnerable on the passing of a partner. That's not the time you want to begin understanding your family finances!  Similarly, if couples separate, not fully understanding the financial situation can leave one party very vulnerable. 

Women have traditionally not prioritised their own financial wellbeing within Irish families - we have been legally entitled only within the last 50 years.  However, it's becoming increasingly important to establish own entitlement to, for example, state pension.

Society is trending towards individualised supports, and it's important to ensure you have the best awareness of your financial situation and are taking small actions to ensure you obtain the best financial outcomes. 

FLIT's founder, Deirdre, experienced life as a professional female, and, from her 20's, sought out workplace pension schemes to ensure best long term outcomes.  However the transparency around financial provider charges €€ - varied hugely, and the level of advice or guidance available from providers was at times very lacking.

'Impact' reflects the wish to make society and community a better place for all of us, by reducing the barriers to good financial knowledge, making it available to all and thereby improving the overall outcomes for society.

It is our belief that, by improving women's access to good, relevant financial guidance, women benefit, and this benefit extends to their families, their communities, and society as a whole.