Wednesday, September 15, 2021

James Cox

A new survey has found that 75 per cent of young adults in Ireland are knowledgable about their finances, while seven in 10 are worried about them.

The survey was carried out among people aged 18 to 30.

The Red C research was carried out as Bank of Ireland launches its new campaign to increase the financial knowledge and wellbeing of its customers and to get young people talking about their finances.

The survey shows that young adults display some “encouraging financial habits” and an appetite to plan for their future financial wellbeing:

  • Eighty-seven per cent of those surveyed already have a savings account and 34 per cent plan to open one in the next two years.
  • Half plan to do some long term travelling in the next two years, with 90 per cent planning to save towards financing their travels.
  • Six per cent have a mortgage and two-thirds plan to get one. Half plan to have a mortgage before they are 30 and most of the rest plan to have one by 35.
  • Nearly two-thirds of those aged 18-24 plan to get a pension by the time they are 30.

According to Red C’s Sustainability Monitor (April 2021), 55 per cent of 18-34-year-olds seek out sustainably sourced or produced products.

However, there is growing uncertainty among 18-24-year-olds around how to make sustainable choices with 74 per cent saying they would like to live more sustainably, but are not sure how.

Designed by sustainable design duo Jill & Gill, The F-Word Playbook is a financial planner for students from Bank of Ireland.

It is made from recycled coffee cups, using an end to end sustainable production method and will offer tips on budget and saving.

Students will also receive Bank of Ireland’s BioSourced debit card, launched last year and the first of its kind in Ireland, made from 82 per cent bio-sourced renewable materials derived from field corn. Over 100,000 of these cards have been issued in the past 10 months, saving over 4,000kg of CO2 versus traditional cards.

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