Young Men More Likely To Consider Investing Money Than Women

Health, job security and owning your own home are among some of the top markers for success for young people.

That's according to a new study by the Bank of Ireland, which also found parents have the biggest influence on the financial habits of their children.

The Youth Mind and Money survey of 543 people aged 13-30 examines attitudes towards finances, mental health and happiness offering a snapshot of how young people across Ireland are feeling about finances, success and their wellbeing.

The link between being in control of finances and mental health is clear, with 70 percent saying that they feel better when their finances are in check.

Pic: Marc O'Sullivan

The study also suggests young men are more likely to consider investing their money than women of the same age.

While it shows 67 percent of teens and young adults rely on banks that offer in-person services.

Rory Carty, Head of Youth and Customer Segments at Bank of Ireland, says the majority of young people are mimicking their parent's financial attitudes, while others are turning to social media for financial advice.

It also shows teenagers are saving more money than young adults, while around 52 per cent of 19 to 24-year-olds are saving for the short term.

Rory says that age group isn't as focused on long-term savings.

He says: “Our new Youth Mind and Money report provides a fascinating glimpse into how young people view finances, happiness and wellbeing.  And there are some strong themes emerging. The link between finances and mental health is clear, with 70% saying that being in control of their finances positively impacts their mental health.

"Family and parental influence on money and life decisions is profound – with 67% saying their parents’ attitudes towards money have influenced their own financial habits and decisions.

“We also see that teenagers really value saving, with 64% say that save often, so we designed our Smart Start current account with a savings option designed to encourage good financial habits from an early age. Smart Start also offers extensive parental controls and safeguards, which responds to 79% who say that strong fraud controls are important to them.

“Being able to access advice in person or over the phone is important to younger customers, as well as technology - so we invest heavily in our network and our people to ensure we have the best support and technology available.

"Listening to our younger customers and responding to their fast-evolving needs will help us to build stronger relationships and ensure that our services reflect how they want to bank now and in the future.”