Money can bring a lot of people stress, but it isn’t supposed to. 

Financial education is key to resolving this stress, but where do we get this education? And how do we sort our own finances? 

 Speaking to Lunchtime Live, CEO of Fairstone Ireland and askpaul.ie, Paul Merriman said that Ireland is lagging behind global counterparts when it comes to financial literacy. 

How to get your finances in order

 “In the US, a lot of people by the time they leave secondary school or college they would usually be way more astute [than Irish students.]

 “In the US, you are always taught from a young age to look after yourself, that no one else is going to look after you.

 “But I think in Ireland we always have had a lot of comfort around our social welfare benefits, the state pension, our healthcare facilities are quite good, so I think it comes from that.

 “If you look at the likes of Australia, Canada and even the UK too, there is a lot more financial education being given to people before they leave college."

Tips

 According to Mr Merriman, if you do want to try and get your financial affairs in order it doesn’t have to be that complicated. 

 “The first thing you need to do is find out where you are at today.” 

 “Take it like going to the gym. You would usually step on the weighing scales or take a few body measurements, do the same with your money.

 “Make sure you know where your money is, all your current account and your savings, and the same with your personal debt.

 “Find out what you owe and who you owe it to.

 “The most important part of a financial plan is to put some goals in place.

 “Try and find out what your short, medium and long term goals are.”