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One in four parents will be forced to deny their children basic school items in September.
The average back to-school outlay will be €1,209 per child, up from €1,185 last year, which is a 2% rise, according to a survey by the Irish League of Credit Unions.
It shows that 20% of parents with primary school children and 31% of those with children attending secondary school intend cutting items from the back-to-school list.
More than two-thirds say they cannot pay for extracurricular activities for their children and almost 40% say money is too tight to buy their children school shoes.
A third of parents will use saved money to cover school costs, but 4% say they will consider using a moneylender, a rise of 1% on last year.
Read more here.
Our office will be open with limited service on Monday June 26th due to an IT Upgrade.
Please note that our Online Banking system will be unavailable from close of business on Saturday June 24th until Tuesday June 27th while the upgrade takes place.
We apologise for any inconvenience caused and thank you for your patience.
Notice to Members who have Outstanding Loans and Loan Applicants re Central Credit Register
The Central Bank of Ireland are setting up a Central Credit Register under the Credit Reporting Act 2013.
The Central Credit Register is a national database that will, on request, provide:
- a borrower with an individual credit report detailing their credit agreements;
- a lender with comprehensive information to help with credit assessments; and
- the Central Bank with better insights into national trends in the provision of credit.
The Credit Reporting Act 2013 requires us to process your personal and credit information for the Central Credit Register. From 30 June 2017, we will submit personal information to the Central Credit Register that we may already have about you, like:
- your name;
- date of birth; and
- personal public service number (PPSN) – a very important piece of information for matching.
The Central Credit Register needs this information to make sure it accurately matches your loans, including loans that you may have with other lenders. Producing a full and accurate credit report is one of the main aims of the Central Credit Register. We will also submit credit information each month about your loans, if the loan is for €500 or more.
Your loan information will be stored securely on the Central Credit Register where it will be used to create your credit report. The Central Credit Register will not calculate a score or grade for your credit report. Information will be kept on the Central Credit Register for five years after your loan is paid off.
In early 2018, credit reports will become available from the Central Credit Register. Once available, you may request your report at any time and are entitled to one free report each calendar year.
Lenders may only access your credit report:
- when considering an application for a new loan;
- if you ask to change the terms of a loan; or
- if they are reviewing a loan in arrears.
Employers, landlords, or any other person or entity cannot access your credit report without your written consent.
You do not need to take any action. We will shortly begin to send information on your loans to the Central Credit Register.
We invite you to read the Central Credit Register factsheet at https://www.centralcreditregister.ie/media/1083/a-consumer-guide-to-the-central-credit-register.pdf . If you have any other question about any of your loans with us, you can contact us at (01) 8451400.
GR8 Savers Week encourages parents to talk to children about importance of money management.
A new initiative is urging parents to talk to their children about the value of money and the importance of saving for the future.
The annual GR8 Savers Week campaign, run by credit unions across Ireland from May 8-14, aims to assist parents in teaching young people how to manage money responsibly.
The initiative will be supported with a social media information campaign on the Irish League of Credit Unions’ Twitter and Facebook pages. Information leaflets, containing tips and guidelines for parents, and activity sheets will also be available in local credit unions.
Credit Union Youth Ambassadors and Olympic rowing medallists Gary and Paul O’Donovan officially launched Gr8 Savers Week for 2017.
Also speaking about the youth savings initiative, Credit Union Youth Ambassador Paul O’Donovan said: “Gary and myself learned a lot about managing our finances through saving with our local credit union over the years. Being financially responsible was important for us and really helped us along the way and we think this is an important message to communicate to young people.”
Gary O’Donovan added: “Financial independence is a great skill to have in life, and especially when you are working towards achieving a goal that you have set yourself. We would encourage all young people to learn about managing their money responsibly.”
The campaign comes at a time when there is a clear trend towards saving among Irish consumers. 2016 ESRI figures show that 70% of Irish people are now saving, with the majority of these saving €200 a month. This is up from a 2013 ESRI report which found that 40% of the population were not saving at all.
Speaking about the GR8 Savers campaign, ILCU Director of Communications and Marketing, Emmet Oliver said; “The skills necessary for financial independence and responsibility need to be learned from an early age, and this can sometimes be overlooked.
“There is never too young an age to teach children and teenagers how to spend wisely, and GR8 Savers Week is all about giving parents the tools necessary to show their children and teens how to develop a healthy relationship with money.
“Financial responsibility is an essential life skill and can be developed through simple approaches, such as helping a young person to save towards a goal of their choice.”
Mr Oliver added “It’s important that Irish consumers who are saving each month have the necessary skills to manage these savings wisely – and that they pass these financial skills and lessons on to their children and teenagers.”