Issue 664
Public Affairs Ireland
The Trusted Provider of Professional Learning and Development for the Public and Private Sector. www.pai.ie
Welcome to PAI's weekly newsletter
In this week's update on public sector news, we bring your attention to several significant developments worth noting. Let's start with a detailed analysis of the financial literacy landscape across the European Union. Shifting gears to the tech world, Microsoft has made waves with its latest announcement concerning the pricing strategy for its generative artificial intelligence (AI) features within the widely-used productivity software, now referred to as Microsoft 365. In matters related to community development and charities, the Minister of State, Joe O'Brien, has revealed the 70 chosen projects that will receive ￡1,200,776 in funding under the International Protection Integration Fund 2023. Lastly, an intriguing study from Met éireann reveals that Ireland has experienced noticeable changes in climate over the past 30 years, with both increased warmth and rainfall.
We are excited to present to you a comprehensive analysis of the financial literacy landscape across the European Union. In this article, we delve into the key findings of a recent study that sheds light on the level of financial knowledge, behaviour, and attitudes towards financial services and products among EU citizens.
The study's results reveal intriguing insights about the financial literacy levels among different demographics and Member States. Overall, 18% of EU citizens exhibit a high level of financial literacy, while 64% possess a medium level, and the remaining 18% display a low level. Notably, there are considerable disparities across Member States, with only four countries boasting over a quarter of highly financially literate citizens - the Netherlands, Sweden, Denmark, and Slovenia.
Understanding the nuances of financial knowledge is vital for sound financial decision-making. The research found that merely a quarter of respondents correctly answered at least four out of five questions on financial knowledge. Surprisingly, only 45% of respondents understood the workings of compound interest, a critical concept for managing personal finances and achieving long-term saving goals.
The study also explored financial behaviour and attitudes towards investments and financial services. Notably, about nine in ten respondents consider their affordability before making a purchase, and a similar proportion keep track of their expenses. However, trust in investment advice received from banks, insurers, or financial advisors appears to be limited, with only around one-third of Europeans expressing confidence in such advice.
The analysis also delves into digital financial services and financial resilience. Encouragingly, around three-quarters of EU respondents reported being comfortable with using digital financial services, such as online banking and mobile payments. On the other hand, concerns arise about financial resilience, with one-third of respondents stating they lack emergency savings, and a majority expressing uncertainty about having enough money for a comfortable retirement.
We invite you to explore the finer details of this in-depth study. The findings underscore the importance of financial education, especially targeting women, younger individuals, lower-income groups, and those with lower levels of general education. As we unravel the intricacies of financial literacy across the EU, we hope this knowledge will inspire efforts towards enhancing financial literacy and promoting economic well-being for all.
To view the study results please?Click Here
22nd, 29th of September and 6th of October 2023
9:30am- 4:30pm, Online
Wednesday 27 September 2023
9:30am – 1:00pm, In-Person
Tech giant’s chief, Satya Nadella, defends premium price for new version of office software
In a move that has captured the attention of the tech world, Microsoft recently announced a bold pricing strategy for its generative artificial intelligence (AI) features in its widely-used productivity software, now known as Microsoft 365. The company will be charging $30 (€26) per month for access to these cutting-edge AI capabilities, creating a substantial premium that has left many customers and industry experts curious about the implications for the software's future. For subscribers opting for these new features, the added cost is set to contribute a significant 53-83 percent increase to the average monthly expenditure for business-grade versions of Microsoft 365. As one of the most extensively utilised software suites, with over 382 million users in the last quarter, the pricing decision is a daring move that could potentially bring a powerful boost to Microsoft's revenues.
?**A Generational Shift in Technology**
?Defending the pricing decision, Satya Nadella, Microsoft's Chief Executive, described it as part of a generational shift in technology, introducing a new dimension to one of the company's core products. Nadella sees the AI features as the third leg of Office, complementing applications like Word and Excel, as well as cloud services such as Teams. Speaking in an interview, he emphasised that these AI features are designed to automate routine tasks and enhance productivity, offering the same class of value as Microsoft's established offerings.
?**Chatbot and Generative AI Advancements**
?Microsoft's recent annual partner conference was marked by the unveiling of several products and services based on generative AI. One notable development was the business-grade version of a chatbot integrated into Bing, aimed at businesses concerned about potential misuse of AI-powered technologies. Despite efforts by many employers to prohibit its use, the chatbot, run by close Microsoft ally OpenAI, raised concerns about the transmission of sensitive corporate data. Furthermore, Microsoft achieved a significant milestone by becoming the first tech company chosen by Meta to commercialize a version of the social media giant's family of open-source large language models, known as LLAMA. Previously limited to research use only, this commercial launch opens up new competition for the likes of OpenAI and Google.
?**Generative AI Pricing and Competition**
?The pricing of Microsoft's generative AI capabilities has been eagerly anticipated in the tech world, given the widespread use of its productivity software. Analysts noted that the $30 per month fee places it on the higher end compared to other generative AI services. For instance, OpenAI's premium version of ChatGPT is priced at $20 per month, while Microsoft's own generative AI coding assistant, GitHub Copilot, costs $19 per month for businesses. Currently no Irish/Euro prices are available at the moment. The company remains confident that these AI-powered features will significantly enhance productivity and streamline workflows. Nadella cites evidence from GitHub Copilot, which has reportedly made coders more productive, as the basis for their confidence in the potential impact of the new features on various types of work, from sales and finance to HR and general knowledge tasks.
?**Addressing Concerns and Predictions**
?Satya Nadella dismissed concerns that the widespread use of generative AI in business might lead to a "content explosion," inundating workers with AI-generated emails and documents. Instead, he predicts that workers will leverage the technology to seek direct answers from their AI-powered software, thereby reducing the need for excessive internal emails and promoting greater efficiency. However, the industry's race to capitalize on generative AI comes amidst economic uncertainty, leading many customers to be cautious with their tech spending. Additionally, there is a lack of comprehensive data proving the long-term benefits of AI-enhanced software in boosting productivity, which could impact the uptake of Microsoft's premium offering.
?**The Road Ahead**
?The introduction of Microsoft's generative AI features promises to revolutionize the software suite and elevate productivity for businesses worldwide. While the premium pricing may raise eyebrows, the company's confidence in the capabilities of its AI technologies could lead to a new era of efficiency and automation for various industries. As the feature enters customer trials, businesses will evaluate its potential benefits and weigh them against budget constraints. With the initial rollout expected to target content-heavy departments such as sales, marketing, and customer service, the impact of these AI-driven features is anticipated to be both transformative and gradual.
To read full article?Click Here
Tuesday, August 22nd, 2023
10.00am – 12.00pm, Online
Wednesday, September 6th, 2023
9:30 am-1:00 pm, Online
*From the Department of Children, Equality, Disability, Integration, and Youth*
*Over ￡1.2 million made available for 70 not-for-profit, civil society organizations for International Protection support-based projects*
The Minister of State for Community Development, Integration, and Charities, Joe O'Brien, has recently unveiled the 70 projects selected to receive ￡1,200,776 in funding under the International Protection Integration Fund 2023. The fund aims to empower community-based organizations across Ireland to play a more significant role in supporting the integration of International Protection applicants at both local and national levels.
In its second year, the International Protection Integration Fund aligns with chapter 5.2.2 of the commitments outlined in "A White Paper to End Direct Provision and Establish a New International Protection Support Service." The government had pledged to establish a community integration fund for International Protection applicants in the white paper.?Since its inception in 2022, the International Protection Integration Fund has already provided support to 137 projects, with grants totalling?￡2.8 million.
Minister O'Brien expressed his enthusiasm for the announcement, stating, "The International Protection Integration Fund is a crucial resource to aid civil society organizations in their invaluable efforts to integrate individuals who seek International Protection in Ireland. Working with people during such a vulnerable period of their lives is of utmost importance, and every day, we witness the positive impact that civil society organizations have on fostering diverse and vibrant communities while supporting individuals. I am delighted to award funding today to 70 different projects across Ireland to advance this vital work."
The International Protection Integration Fund 2023 Funding Call for proposals took place from 26th April 2023 to 24th May 2023. Over ￡1.2 million was allocated in 2023 to support International Protection Integration projects through grants of up to ￡20,000 per successful project.?It is important to note that this level of funding has been specifically targeted for 2023, and there may not be parity funding available in future editions of the fund.
The call for proposals was organized under six key themes to facilitate the integration of International Protection Applicants:
1. Employment
2. Language
3. Civic and Legal Supports
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4. Health and Wellbeing
5. Intercultural Awareness
6. Children and Young People
Projects supporting the following objectives were given special priority and received additional marks during the assessment process:
Successful applicants were required to demonstrate how their proposed projects would create connections between International Protection applicants and their host communities, encouraging meaningful integration that benefits the community as a whole.?As the fund's primary objective is to support the integration of International Protection Applicants, including both adults and children, these applicants form the main target group for all successful projects. While other individuals may benefit from the projects, International Protection Applicants will represent the vast majority of participants in each initiative.
To read the?Press Release?click here
Tuesday, 19th September (In Person)
Tuesday, 26th September (Online)
9:30am to 3.30pm, Blended
Monday, 25th of September 2023
9.30-13.00, Online
Country has also seen a 7% increase in rainfall, with an average annual figure of 1,288mm
Ireland has become both warmer and wetter in the past 30 years, according to a study from Met éireann. In its analysis of the climate averages from 1991 to 2020, the meteorological body said the average yearly air temperature in Ireland stands at 9.8 degrees, an increase of 0.7 degrees from the previous 30-year time frame.
?According to the forecaster, annual sunshine hours have increased by about 5 per cent when compared with the 1961 to 1990 period. May is listed as the sunniest month of the year, followed by June. During the past 30 years, the country has also seen a 7 per cent increase in rainfall, with an average annual figure of 1,288mm. Regional variations exist, said Met éireann, with the west and north of the country displaying the greatest increases in annual rainfall.
“We know that the atmosphere is warming and what we’re seeing at the local and national scale fits the international picture,” said Mary Curley, Met éireann climatologist and project lead.
“Importantly, the data provides information about typical climate conditions for a particular location and is a crucial benchmark for weather and climate conditions. This serves as an important resource for Government and relevant stakeholders to enable informed decision-making to benefit society.
“While these averages give us an up-to-date baseline to compare our current and future weather to, it’s important to remember that weather patterns can vary significantly from year to year.”
Met éireann calculates and updates Ireland’s 30-year climate averages every 10 years. According to the forecaster, from 1991 to 2020, spring was the season that saw the greatest temperature rise of 0.8 degrees in its average annual temperature. Mean temperatures increased for all months of the year, with the greatest increase of 1 degree seen in May, and the lowest of 0.2 degrees in October.
In total, 1991 to 2020 saw 63 more hours of annual sunshine than the previous 30 years, a 5 per cent increase. May is the sunniest month of the year with an average 189.6 hours of sunshine, while December is the darkest month with 44.1 hours of sunshine.
To read the full Article?Click Here
Tuesday, August 29th 2023
10.00am – 12.30pm, Online
Monday, October 16th, 2023
9.30am – 3.00pm, Online
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