Are the youth of today really a carefree and money splurging segment of the nation?

BANK OF IRELAND STUDY DISPELS THIS MYTH REVEALING THAT 94% OF 22-28 YEAR OLDS ARE FINANCIALLY SAVVY

Research launched to support Bank of Ireland Advice Week 23rd - 27th July 2007

Today Monday 16th July 2007, Bank of Ireland reveals findings from an in-depth study of 22-28 year olds attitudes to life, money and spending (Ref: W5 Marketing Intelligence). To date the picture painted of this group has been a careless and extravagant one, they are dubbed the people that want it all and want it now with little or no regard of the value of money. Bank of Ireland's study demonstrates that this is not the case with 94% of people conscious of what money is in their account and conscious of the concept of saving. The research was commissioned to support the first ever Bank of Ireland Advice Week specifically tailored for this age group; it includes a dedicated advice phone line, an online facility and our accredited financial advisors available throughout our branch network. Advice Week will run from 23rd - 27th July 2007, call1890 365 676

The study has shown that our SSIA born saving culture has impacted significantly on the youth, with just under 50% saving euro 200 or more each month. While this group still like the good things in life, holidays, nice cars or music essentials, 58% realise the need to save for what they want. And even though a lot of parents seem to feel it is part of their 'job'to support grown up children into the future, 83% do not expect financial help from their parents.

Some other interesting findings were:

Commenting on the study Elena McGiveny, Qualified Financial Advisor, Bank of Ireland said:"As a 25 year old these findings are extremely reflective of mine and my friend's attitudes to money, saving and spending. While we tend to be dubbed the spendthrift segment of the nation we actually are aware of the importance of being financially responsible. However we still want to have fun. Going out, enjoying holidays, having money for clothes or pampering are all still a must have but we understand that budgeting plays a role if we are to enjoy all these things guilt free. Not everyone has their finances in control but with some simple, effective advice it won't take long to sort things out, that's why we are encouraging as many young people as possible to either call, log on or pop into their nearest branch during advice week or anytime after for some money planning".

Kenneth McKenzie, Social Psychologist, UCD Geary Institute said: Ireland is experiencing a shift in recent times in our attitudes to money. This is the 'quarter-century shift' where once people hit 25 years plus, we use the benefits of the education we've had and all we've learned from the 'world being our oyster' to making us realise that we want to have what our parents have and so, are committed to having a house, marriage and children. In this sense, prolonged adolescence is over and we now want to get fit for life's responsibilities.

Based on the data in this survey, it seems that this age group is less overboard with money than we may think. People want to think well of themselves, and are keen to be self-reliant. It not just a case that they have more disposable income, they also want to insulate themselves against risk, concluded McKenzie

The study delved a little deeper into what is important to this group exploring life goals, daily spending habits and what are the things that they really hate to part with their cash on;

About Bank of Ireland's Advice Week:

Advice Week will run from 23rd - 27th July 2007, where you can call into any branch nationwide and talk to any of our 4,500 Bank of Ireland Accredited Advisors for information on how to plan your money. Alternatively, you can call the dedicated phone-line for Advice Week on 1890 365 676

-Ends-

For further information please contact:

Mary Brennan/ Audra Dutton
Group Corporate Communications
Bank of Ireland
Tel : 01 604 3750/ 086 8183932 (AD)

Anne-Marie Curran/ Paula Mullin
Drury Communications
Tel : 01 260 5000/ 087 2864 079 (AMC) 085 1416179 (PM)

Research: W5 Marketing Intelligence, Attitudes to Money Survey 2007