Word on the Street

Participant 1: Well, now I'm up here today, I'll take some out because I am a cash person. I use...I try to use cash for everything.

Participant 2: I have a small business, so I have a bit of cash coming in, not an awful lot, but that's basically how I get it, the hole in the wall.

Participant 3: So I live, I live close to a post office and it's very handy so usually the post office or the ATM or even through a cash back, you know, from retailers.

Participant 4: I don't really take out cash, I use my phone.

Participant 5: I don't use cash I never use cash, but if I was to use cash, I would use a local ATM but that’s very, very, very rare.

Participant 6: Yeah, I live in town center, so I have tons of banks around and I can easily go there and withdraw.

Participant 7: Cash, ATMs, but like, you know, these ones here, there used to be one there they're kind of disappearing at a rapid rate.

Participant 8: I carry very little cash, like neither of us carry that much cash, we’re both paid through the bank so it's usually just through ATMs and stuff but a lot of the time, we just use cards.

Participant 9: Machine, that's where I’m going, up to use the machine.

Normally I wouldn’t send money to anybody I don't really know but, I suppose if I did, I would, I’d probably be looking for documents or like screenshots of maybe their banking information, their passport, driver's licence, something to that effect, maybe just to check that it's them.

Any new businesses and things like that now, I just do as much research as I can. I get them to send me their details and I'll try and check it up.

I would not send the money unless I, for sure, knew that they were real. I’d do a background check because I've been caught on a few occasions.

I don't really send money to people that I don't trust. If it's like a service, I would just make sure with the person like, this is your details and stuff like that.

You can't, you can't. You have to trust, unless it’s someone you know. You can't otherwise.

Well, I mean, obviously personal is the best way of doing it if you know the person you're dealing with and you're getting details directly from them but, I mean, I know the banks now have a, a check thing where they will tell you, you put it in the name and you put it in the IBAN or whatever and it goes, yeah, yeah, that's correct.

Well, if I don't know the person I'm sending the money to, I wouldn't send them.

You have to be smart and be trustworthy. Please verify the information that you like. If you’re going to try to buy something, go to the official website. If you’re trying to send money to a particular person, make sure you know the person, you have their phone number and they give you the exact information and don’t end up like me, losing ninety euro to a scam, yeah.

Generally, I would use Revolut because they were kind of the first to the party but Bank of Ireland recently have come out with their own version.

 

My daughter has showed me how to do it from bank to bank, yeah, I just do it online.

 

No, I send it from Revolut, from normal bank to Revolut, Revolut to...because it goes instantly, normal bank takes 24 hours. It’s at least 24, 48 hours I would say before I can actually get somebody the money.

 

My wife’s account is on my account, so in a different bank. So if I wanted to give her money, it just goes straight away.

 

Not that I know of, I've never done it. Depends on what bank it is now, my bank is AIB and Revolut as well so if I'm sending like between AIB and AIB it’s quick enough yeah and Revolut as well to all the banks is quickly enough, but if it's AIB to say Bank of Ireland or a different bank, it’s not as quick.

 

My parents would, yeah, with me, but I wouldn't, no. I'd use Revolut more often yeah, it's just easier, can send it to anyone, that’s really it.  

 

Yeah, just through a bank transfer, standard enough. Depends if it's someone I know, probably Revolut, but maybe business or other stuff is through bank transfer. 

 

Yeah it just seems so much easier and more efficient. Saves me having to physically walk into the branch and ask them to transfer the money. So yeah.

No, I don't think they are, actually, especially when it's your first time going about, either getting a mortgage or a loan and things like that. It's not too easy to understand at the start. So it definitely helps when somebody explains it to you in simple terms.

A lot of it is just, I don't know, financial terms. It's not something I understand.

No, they're always very technical. And they make it. They make it sound technical sometimes. To make it. To make it complicated. Yes.

I just find it hard to understand them. As simple as that. I think there's a lot of jargon involved. Because, but I don't understand it. But the people in the business understand it. But I don't.

I think it depends on the institution that's giving it. Some are more clued in to making it real for people, and some aren't. So that does depend on what it is.

No, I don't think they are. They're kind of hard to understand yeah. I think just kind of put it into plainer language. I think sometimes sometimes, like, fancy words are just used too much, and I just don't think there's a need for it, like it's just make it a bit more interesting and more, kind of just like everyday language rather than just like fancy terms that no one actually knows the meaning to. So. Yeah.

No, they're not easy to understand. Unless you have got qualifications in it. But most people don't.

No. Definitely not. No, no, to the dealings I had with the bank that I have just forms, forms, forms. So unless you’re good with forms, you don't really understand them. There's nothing like the personal touch. Where you go in and talk to the person behind the counter,that's the personal touch.

Participant 1: I suppose I just watch where I spend my money and just be careful online and just make sure to use like reputable sources and stuff like that, so. Yeah.

Participant 2: Like all those kind of phone calls I get, like, I never answer a number I don't know. And all the texts, like, sure, I never get any deliveries or anything like that. So I just steer clear of them really.

Participant 3: I just I only use cash and I only use the card on very, very odd occasions. And it's a debit card. Just one.

Participant 4: Yeah, I just do. Yeah. Deal with cash.

Participant 5: Just don’t give people my details.

Participant 6: I suppose listening to the ads on the TV, you know, the basics. Like, you know, don't give out your numbers, your pin number. You know, the original things that have been, I suppose, always pumped into your mind over the last 20 years.

Participant 7: I suppose I would pick the right banks that I work with. And making sure that they have right security systems in place. And to make sure that I don't go into any bogus websites that might end up tracking me and taking my money away from me.

Participant 8: Cash is king. Always will be. Yeah. No, I don't do any online banking or anything like that, so they can't get anything off me.

Participant 9: I'm very careful. I'm very very careful of doing anything online. You know, I just don't give out my number. I don't give out my card. And I listen to what the bank tells us: won’t ever ask this or that. So, no.

Participant 10: I don't put anything online. Simple.

Participant 11: Oh, I just don't answer texts. Yeah, I just, - you see them, and you going... yeah, if it's that important, they'll ring me back.

Participant 12: I don't click on things on my phone.

Participant 13: I suppose, like, if I got a message on my phone, I’d just probably ignore it, to be honest. Unless it was an official call from a bank.

Participant 14: I keep my money. I don't like, what's the word, go on social media. I don't reply to any of those texts. Or phone calls, you know, they say, what's your bank account number or whatever? I don't reply to any of those.

Not really, unless I know that they're, someone you can trust outside of that. But I wouldn't take it just automatically from social media without checking them out first.

Not really. No, no, no, I wouldn't have any faith in that now. There's just so many fake things that I wouldn't be able to discern it, so I wouldn't do it.

Absolutely not. No way. I wouldn’t entertain it. I’m too old. I don't think I would. I think I'd rather go in person. Or maybe on a zoom session. I probably would, something like that. But not just, you know, not just on Facebook or Instagram.

Under no circumstances.

No, I think a lot of it is fake anyways, so it's not really worth it.

No. Because it's an unknown person.

No, no, because I don't really be on social media. But if I was, no. No.

It’d have to be somewhere I’d know, like, or you know, trust or, you know.

Just, I have an accountant for that. Simple as.

I don't think so, I think because social media is really unrealistic, sometimes. And I think, you should just go from the advice from the people around you, people that know you I dunno, just like, sure, my parents know, well, not that they know it all, but like, I'm just like, I get my advice from them and I trust them. So that's it really for me.

No.

No, absolutely.

How come?

Because I don't I can't identify who it is or if someone on social media is selling a product. So, you know, I would just, no.

Okay. Straight off the top of my head, came in to my vision was Liam Neeson.

Oh, let me see. O’Donovan De Rossa. O’Donovan De Rossa was a member of the Irish Republican Brotherhood, the founder member of it.

I suppose I'd like to see our president, because he's not too bad. Or Mary Robinson, of course.

I'd like to see Tony O'Reilly. I think he did a lot for Ireland.

T.J. Reid he’s a famous hurler, put him on it yeah.

Michael D. Higgins. I think he's a cutie. I just think he's adorable. And his little dog.

Daniel Wiffen, no Mona McSharry. Or Kellie Harrington. I just think they're great inspiration for young people being fit and active.

Oh Katie Taylor.

Michael D. and the dog.

Yeah, I'm trying to think, I don't know, Charlie Haughey.

On a collectors coin? Wow, probably Michael D.

First President of Ireland, Mary Robinson - the first female President of Ireland I should say - Mary Robinson.

Jesus every Irish person I’d say was watching the Olympics like was it? Something like 1.4 million people tuned in to watch Kellie Harrington, I think that's just like she was such an inspiration there. So possibly her.

Yeah. I think because she had such a hard time throughout her life. I think the likes of Sinéad O'Connor and I think to actually properly pay homage to her.

Participant 1: Well, I think the cost of living at the moment is like, it's not weighing up. So, like, the actual income that people are getting is not enough isn’t matching up to, like, what we actually need to, like, like, make a living and actually make a comfortable living and save and actually enjoy life. Whereas at the moment it's just kind of like scraping the barrel.

Participant 2: Yeah the housing crisis, and you know. Yeah.

Participant 3: Definitely housing. I don't even think it's from a perspective of, like, there's, like lots of good jobs out there, but it's still not enough to. And inflation. Yeah. That's what my sister literally just said. The chicken fillet roll cost €7.50 this morning so.

Participant 4: I suppose at the moment, everything is quite expensive. Cost of living. And you know, it's obviously a lot of people my age are going over to Australia and stuff just to try and have a better kind of quality of life. So that's probably it at the moment. Buying properties is kinda hard at the moment for a lot of young people.

Participant 5: Well, that depends what situation you're in. If you're in a situation where you have a good job, that is two people working, they have €100,000 a year, that's grand. But if you're in a situation where you have people maybe €50,000 between them, that's a big challenge. So it is.

Participant 6: The cost of living is getting very high.

Participant 7: Definitely cost of living in Ireland is extortionate for young people. Like I'm just graduating as a physio and it doesn't particularly attract me to come back because of the cost of living.

Participant 8: Definitely cost living and kind of the housing crisis at the moment. Like and even just being a student and trying to balance having a part time job and you're trying to study at the same time and trying to keep yourself in college. And then the cost of accommodation, like I'm up in Dublin and it's just outrageous.

Participant 9: Housing and childcare. Childcare is, probably. I live, you know, we have a crèche next door to us and it is phenomenally expensive. It’s okay for the you know, a lot of them are coming from the embassy, so they probably have expenses. But, childcare, I think, to get, you know, allow women in work two days a week if they want to, you know, just have more childcare, more affordable childcare would be my biggest ask for Simon Harris.

Participant 1: I prefer to pay by card and sometimes I have my cards in my phone. So it’s more comfortable justto tap with a phone and you don't have to open your wallet. So right now I barely use cash.

Participant 2: I usually use my phone to pay. It's like without contact I do it mostly and when it's like above I use my card, but I never use cash. I never use cash.

Participant 3: It depends where I am and what I'm doing but often card now. It's just a post COVID thing you just don't necessarily have itin your pocket.

Participant 4: Usually tap. I was cards for so long - just cash - for so long and then like lockdown and stuff I was like I guess I'll finally get a card that works.

Participant 5: Yeah, like, I suppose I use card more because it's kind of more handier. There’s a lot of, like, smaller companies that prefer to get money, so I would try to use money for them if that’s what they prefer.

Participant 6: Mainly by cash if I can but it's not possible all the time which I don't like.

Participant 7: It just depends on the situation I’m in. If I need to pay cash, I pay cash. Butif I can, I prefer to use tap.

Participant 1: All the time!

Participant 2: Yeah, I got a text yesterday actually, somebody saying “Hi, Mum, I've lost my phone. Can you...” And I was like, I don't have any kids. So that's...and I actually got one from AIB yesterday but I'm with Bank of Ireland.

Participant 3: No, probably not as much as I should be. No, not really. I think the banks do a pretty good job of keeping it you know, protected.

Participant 4: Yeah, I think everybody is now. You're so aware of it now out there. There's so much of it.

Participant 5: I am meticulous actually, about not opening links to anything, even if it comes from somebody that I know. I just wait until I speak to them and say, “What's this all about?”

Participant 6: I was almost caught out on a Revenue one recently. I almost putin my details but then I checked on their website and found out that there's a scam text going around, so I didn't.

Participant 7: I buy a lot of stuff online, but I buy it from people I've been dealing with for years and I generally check them out and I generally read the blogs about them and make sure like, you know, that they are legit.

Participant 8: Normally we only click on links provided by our proper bank accounts or, you know, people that we are aware of you know, the people that we know.

Participant 9: 100%, yeah, I think everyone has. I think everyone's been getting phone calls for ages. I remember just like, “Cool!” You answer, and the style of the thing goes, “You’re owed... You owe 1000 to...” and it’s just, no - They’re almost embarrassing. Like you'd hope they'd try a little harder like. At least get an actual voice.

Participant 10: I don't have any uncle that's going to leave me a billion dollars at any stage, so.

Participant 1: I like paying for things with money I've got rather than kind of relying on credit.

Participant 2: Normally, now if I was to buy something, I kind of more or less save for it rather than running up bills as such.

Participant 3: No, if I can't afford something, I’m not buying it.

Participant 4: I just don't do credit. I just like to buy something and it's paid for and that's it.

Participant 5: Well, that just costs more in the long run so, living beyond my means.

Participant 6: I like to pay for it as I buy it. I buy it when I can afford it.

Participant 7: I just like to pay for cash for things when I have it.

Participant 1: I might research stuff online or just listen to what my family and friends have experienced generally, that would be it.

Participant 2: If I have any questions, I would go to the bank and ask. So yeah, I go online on the internet.

Participant 3: I don’t really get financial advice to be honest.

Participant 4: From my family, from my friends. I rarely ask outside of this sphere.

Participant 5: My uncle, he works in Revenue so I'm like, “Hey, what do I do?” And he just goes, “Do this stuff and you can get money off the government.” and I go, “Class.”

Participant 6: I probably just ask friends and family for advice to be honest. I don't really go looking online for financial advice.

Participant 7: Normally I ask everything related to financial you know, stuff, to my mother because she has a basis in financial education.

Participant 8: I’d say I would read up on it myself. I don't really - I think if you go to the bank to get financial advice you get advice what they want to give you. I wouldn't trust it too much.

Participant 9: I don't. I'm very bad. I don't think I've ever received financial advice from anybody.

Participant 1: Yeah, definitely. I’m much more online now and I'm using my card a lot more than I would have been probably.

Participant 2: Yes, I use an online bank now - Revolut.

Participant 3: No, I don’t really have banking habits, per se. I just use it to let the money sit.

Participant 4: Yes, I think I’ve a focus on savings a lot more than I have. That like, I focus a lot more on that now than I would have maybe when I was in college. So I just think about like, what percentage of my wages are going into my savings every month.

Participant 5: I honestly almost never go into a physical bank anymore. You can do it from home, you can go anywhere you want and you kind of have your bank in your pocket at all times.

Participant 6: I had to change banks because my bank closed down.

Participant 7: I suppose I started to save a lot more during the pandemic and I got a bit smarter with my money, maybe.

Participant 8: Yes, I have. Yeah I've gone more - I'm doing online banking now mostly. It's nearly all online banking now.

Participant 9: It's just I do more online banking. I visit the branches less often. That's the main thing that has really changed.

Participant 1: Yeah, every couple of years I try to see what the market is doing and see if I can get a better rate. You know, always trying to save more money.

Participant 2: Usually once you've been with somebody for a year or so then they decide that they're going to put the price up. So, yeah. So you would just - it's always worth checking the other prices.

Participant 3: You’re as well off, as I say, to shop around even house insurance, or as you say, car insurance because you'll always get someone probably that would be that little bit cheaper than the other.

Participant 4: Like I'm a bit unsure about a lot of that stuff. So I tend to do whatever is easiest. So maybe if they explained it better or yeah, gave us more options and kind of laid it out clear for us I might be more likely to change.

Participant 5: I think if you can actually speak to somebody I think it's a huge problem because everything is online and you're not speaking to an individual. So to me it's a waste of time.

Participant 6: I do, yeah. Online, yes. For car insurance, yes. But not for current accounts. Ithink once you have - you’re with a bank, you tend to stick with one bank.

Participant 1: Could hold public meetings. And if you're interested you can go and do them and have them by non-biased people who actually want to share information and don't want to get people into their banks.

Participant 2: Stop the technical terms and try to you know, like put it down on the streets a bit, you know. I mean, I know it's a hard thing to do you know, it's a balance, you know, but I suppose people are afraid of financial institutions because of that.

Participant 3: I think that it should be taught in school because I didn't know about my emergency tax, my manager never told me about it. My school never told me about it. So I was getting taxed so much until I actually had to go and ask my friends.

Participant 4: I think it should start in primary school like a young age. Like learn to manage your finances. I like the idea of all these little cards now for kids to give them their pocket money and stuff.

Participant 5: Well I suppose if children start at an early age, 5th or 6th class learning about it and also in secondary school they might be more savvy financially when they go out into the world and start earning money.

Participant 6: I think you spend so much time learning how to get a big salary when you graduate. However, you don't really ever learn how to take advantage of your salary or be able to use it to its fullest extent.

Participant 1: If it is marketed as green and sustainable I do, like I guess instantly will think, oh, that's great. But I think in today's world where you can you know look up kind of, if a company is actually doing the right thing or if it's just doing it for marketing purposes.

Participant 2: Yeah, yeah, because I need I need to know I'm doing my part in you know, in trying to make the earth green. I don't think I really care, to tell you the truth. If I got a good rate Yeah I don't think I’d be That would be the main the main important thing, you know.

Participant 3: The short answer is yes but I would need to look into that because I know there are many brands for example, in fashion that consider themselves green but they're not actually green.

Participant 4: If I had if I was buying something I wouldn’t buy something, because it is. But if I was buying something and that was part of a competitor’s campaign I would probably go with theirs.

Participant 5: Probably, like it wouldn't be the only reason that I buy it if I'm interested in it and I'm going to buy it anyways then I'd say oh, well, yes, it's good that it's green but is it actually green? How green is it? You never know.

Participant 6: I think more and more that's something that I started looking at. Maybe growing up, you know and how much value has been put on it and our education and kind of learning more and more about the importance of sustainability it's something that certainly would influence decisions.

Participant 1: I hate it. I hate any kind of ads. Just like personalised or, you know, whatever. I just don’t like it.

Participant 2: I actually think that can be kind of useful. I think there's a stigma against using data but I think that whether you're able to make the ads personally cater to you and your preferences you're able to get better insights into potential financial decision making. Participant 2: I don't like that at all. I don't like being watched on my phone.

Participant 3: Hate it. Delete, delete, delete.

Participant 4: I think it's overwhelming sometimes because there's so much ads so many ads but sometimes it is indeed useful because you see something that's on sale that you really want to buy or you've been looking for for a long time.

Participant 5: I don't mind. It doesn't bother me really you know. If you weren't, you’d be getting ads anyway that were no use to you. So at least these might be good for you.

Participant 1: I think so. Because, you know, in the end it's like kind of a guarantee. You know, so if I read it, you know I think OK, it is not a scam. It’s something. You know, it's okay. So I can trust it.

Participant 2: Cos’ it's faceless it seems to be difficult to know exactly what that means.

Participant 3: I don't I don't know what that means. But I'm used to hearing it.

Participant 4: Yes, because we we have to know that whatever an entity is you know, whatever whatever financial company we are dealing with we need to know that, you know they are followed by you know the Central Bank of Ireland. Like somebody is watching over them in case you know because I need to know where my money is going if I'm you know, if I'm to invest and all that.

Participant 5: Yeah, I think it gives a lot of credibility to a financial service. And I feel like, it really adds some value to the consumer to feel more safe that there is a you know, third party involved that has sort of given their seal of approval to something and shown that it has a certain certain standard, a certain degree of value.

Participant 1: Definitely. Because in this day and age I’ve experience myself with all this high tech stuff. We're not all geniuses with technology so to get to talk to somebody at a bank or sort out things for you is impossible.

Participant 2: They need to have somebody to advocate for them and to speak on their behalf. So I think it's absolutely necessary and it should be allowed.

Participant 3: If the products aren't accessible like if there's no way they can use them otherwise, then yes. But I think there's like a risk if you nominate someone can they actually lock you out of your own financial stuff? So I think there's a fine line. It depends.

Participant 4: I think so. If, in a case where you feel they are vulnerable, they are unable to contact their account by themselves so if they have someone they trust maybe a family member or friends I think it would be okay for them to authorise such person.

Participant 5: If they’re willing to do so yeah I wouldn't like them being coerced into someone speaking for them but if they are willing to do so. Yeah, I have no problem with it, no.

Participant 1: No, I don’t. Not since the exit of the Ulster Bank and KBC. I think people are very vulnerable in that market. The Bank of Ireland and AIB have a total monopoly. So we need to get some more competitors into the market.

Participant 2: Not really I just kind of know Bank of Ireland and AIB, it's one or the other really for me, I know there's probably more but they're the two main ones, you know.

Participant 3: Sometimes I think it's too much choice but without choice. There's a lot of companies but they're all the same.

Participant 4: I think in general, there’s not enough competition in Ireland with banks. Then you've had the merger of Permanent TSB kind of merged together. There's just not enough competition I think.