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According to the research conducted for AIB by Market Research Agency W5, students average income per week is €165. Part-time work accounts for 35% of their source of income, down from 40% in 2008 while parents are now funding 38% of a student’s income, up from 35% in 2008.

Living expenses is the greatest area of expense, accounting for 42% of students’ income (rent and bills soak up on average €69 per week). Leisure interests take up a further 31% of student’s income.

The concerns on the backdrop of the recession are more apparent this year. While there was some concern in 2008 amongst students in relation to their ability to afford a home, this concern has broadened to include their own potential to find a job in the future. AIB found just 34% of students believe they will find their dream job, relative to 57% in 2008, 49% of students in 2009 being confident that they will make enough money in the future to live the life they want, relative to 67% in 2008.

Kathy McGarry, Youth Market Manager, AIB said: “The youth market is a critical recruitment audience for us. We want to build long term relationships with them. That means identifying, understanding and responding to their needs at every stage of their banking relationship with us.

“We know from this year’s research that students are facing increased financial pressures starting out in college life, and are more concerned than ever about their future in these uncertain times. The AIB third level package aims to help ease the financial pressure on students, and our network of branches and specialist Student Centre are available to support students with all their financial needs during their time in college, and going forward in their lives.”

Source: Moneyfour » Blog Archive » AIB plans to help students with their ...

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