Households in Northern Ireland have an increased risk of financial vulnerability compared to the UK as a whole. Financial literacy can explain a significant proportion of wealth inequality. Among the key components of financial literacy are financial numeracy and money management skills. Our study examines the relative importance of these components in the determination of consumer debt and household net worth among credit union members in socially disadvantaged areas. The main finding from our analysis is that money management skills are important determinants of consumer debt behaviour and household net worth but that financial numeracy has almost no role to play. These findings are found to be robust when the sample is reduced to only those who have a clear role in household financial decision-making and also when controlling for potential endogeneity. These results indicate that credit unions could structure an effective programme targeted at those in financial difficulties by promoting awareness of their financial situation, by encouraging them to manage bills more effectively and by improving budgeting skills. Our findings have policy implications throughout the UK where the role of credit unions in providing financial services to the socially disadvantaged is being strongly promoted by the government and the Church of England.