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AIB spotlights Ireland’s youth economy with new youth platform informed by landmark research
Powering The Youth Economy, AIB’s new youth platform, puts young people centre stage, examining the financial perspectives of Ireland’s 630,000 16 - 24 year olds entering adulthood during one of the country’s biggest ever demographic, technological and economic transitions.
The platform’s first campaign: ‘The Youth Economy, Decoded’, developed in partnership with THINKHOUSE, brings AIB’s commitment to supporting young people in Ireland to life through a youth-focused approach grounded in research, insight and the lived experiences of a generation faced with more financial decisions and more uncertainty.
The research is led by David McNamara, AIB’s Chief Economist and the insights were unlocked by The Youth Lab team at THINKHOUSE. The findings reveal a generation with strong ambition and spending influenced by personal values. 68% of Ireland’s 16 to 24 year olds have entrepreneurial intent, whether through running a business, pursuing a side hustle or aiming to start a business. 34% have two or more income sources, while 25% earn additional income through activities such as online selling, freelance work, creator income or gig work. The research also shows that online selling is growing rapidly in this age group. Selling goods or services online increased from 16% last year to 27% - the largest increase of any age group. 88% say they took at least one values-based spending action in the past year, including buying second-hand, supporting ethical brands or checking product provenance.
Elaine Purcell, Chief Marketing Officer, AIB said: “Young people haven't inherited the same financial playbook their parents did. They’ve inherited a world with more financial decisions and more uncertainty meaning they’ve had to build resilience in the face of these challenges. Despite that, the next generation is remarkably ambitious and is already shaping the economy through how they learn, earn, spend, save, build businesses and adopt new financial technologies. We have a responsibility to understand those realities and to support young people in ways that are relevant and right. ‘The Youth Economy; Decoded’ gives us a valuable, evidence-led understanding of this generation and informs how AIB can play a meaningful role in helping young people build financial confidence, explore opportunities and work towards a sustainable future.”
Jane McDaid, Founder and Head of Creative Innovation at THINKHOUSE, said: “This is important work. The team at AIB recognises the importance of listening to young people and, most importantly, is prepared to turn those insights into action. The introduction of this new platform, alongside AIB’s new Youth Index (which tracks changes in youth sentiment over time) demonstrates AIB’s commitment to serve young people long into the future - this is the kind of generational thinking we need in businesses today.”
The Youth Economy; Decoded is available to download at www.aib.ie/youth and the campaign around it goes live this week with an integrated campaign that includes: Social, Digital, Out Of Home, Audio, Creators and PR alongside AIB’s owned assets.