New initiative to help Limerick people tackle cost of living crisis

AN INITIATIVE to help low-income families and households develop will soon roll out its first phase in Limerick.

The think tank TASC have announced a programme on financial resilience training in Limerick to help the communities of Ballyhoura Development CLG tackle the cost-of-living crisis. 

The three year initiative, funded by Aviva Ireland, will focus on assisting low-income families and households to save on utilities, family finances, budget and manage debt.

It will be delivered by front line charity services and community groups nationally through an interactive and educational financial inclusion and training programme.

This training will be free, and provided annually to up to 50 charity staff members and 100 community participants. The training complements existing services while focusing on better understanding of the legislation and other external factors that affect budget decision-making, especially amongst the most marginalised populations.

The first charity to receive the training will be De Paul, which assists those who are homeless or at risk of homelessness.

It is anticipated that up to 25,000 people, including 1,350 individuals and 22,500 people who are currently supported by small charities' services, will benefit.

Padraig Casey, CEO of Ballyhoura Development CLG, said, "the impact of ongoing inflation on our society and the challenges of adjusting to a just and green transition, means that, more than ever, vulnerable families and individuals need targeted support to enable them to manage their finances more effectively, in addition to whatever direct state financial supports are provided.

"We very much look forward to delivering and rolling out this initiative locally in the coming months, to address a very real need that is now evident," he said.

According to Dr Shana Cohen, Director at TASC, a 2019 report by the think tank on the nature of household debt in Ireland found that, in 2019, people were already borrowing to pay their bills. "The cost-of-living crisis will have exacerbated this situation," she stated.

"While this problem stems from systemic issues, financial resilience initiatives support people to build the skills and knowledge they need to better mitigate these challenges".

Commenting, Brian O’Neill, Head of Sustainability at Aviva Ireland, said, "we hope that this programme will make a difference by improving financial literacy amongst charities and community groups and support them towards greater resilience in the challenges that they face."