Young Irish consumers feeling more optimistic about their financial futures and property prospects than their older counterparts – new Dye & Durham ‘Ireland Pulse Report’

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  • impacted compared to 2022
  • Almost one-in-five (19%) would consider moving to a more affordable town or city in a different county to help improve their standard of living
  • Most Irish consumers have not yet tried AI for either personal use (58%) or professional use (68%)

  

Young Irish consumers are more optimistic than older generations when it comes to their financial futures, according to a newly launched report by Dye & Durham, the provider of practice management solutions to legal professionals. The Ireland Pulse Report for Q3 2023, a survey of 1,000 adults in Ireland conducted by YouGov, explores trends in the economy, the property market and technology.

The report’s younger respondents are feeling the best about their financial situations, with 29 per cent of those aged 18-24 and 26 per cent of those aged 25-34 saying their finances have improved over the past 12 months.

On the other hand, those aged 45 and older are feeling the most financially vulnerable, with more than half (55%) confirming that their finances have been negatively impacted compared to 2022.

Overall, almost half of respondents (48%) confirm their finances are in a worse place than they were 12 months ago and only 19 per cent of people suggest their finances have improved.

While sentiment about personal finances has dipped for some, consumers’ plans to purchase or sell properties over the next year have not experienced the same downward pressure, especially among younger buyers and sellers.

“Today’s tough economic conditions are making many people in Ireland feel financially worse off,” says Martha Vallance, Chief Operating Officer, Dye & Durham.

“The knock-on effect of this is reduced transaction activity across many industries, including the legal industry that we operate in. However, younger cohorts in Ireland are clearly optimistic about their financial futures, so we expect to see an upswing in areas like property transactions, business originations and others that should help legal firms bounce back from a slower-than-normal year.”

Younger cohorts also more optimistic about property

Those aged 25-34 have been the most active on the property market over the past 12 months, and plan to continue to be the most active cohort over the next 12 months. More than one-in-ten (11%) of those aged 25-34 bought their first home in the last year, and 16% intend to do the same over the next year. At the same time, 13 per cent sold an investment/income property and purchased a new investment property in the last year, and 10 per cent plan to purchase an investment property over the next year.

The next most optimistic cohort is those aged 18-24, 10 per cent of whom plan to buy their first home in the next year, and 8 per cent will be in the market for an investment/income property.

For those looking for a reprieve from the elevated cost-of-living, moving in search of affordability may be an option. Nearly one-in-four (24%) said they would consider moving to a different country to find a lower cost-of-living. Almost one-in-five (19%) would consider moving to a more affordable town or city in a different county, and 18 per cent would consider moving to a more affordable town or city in their current county.

Consumers gradually embracing AI

The Ireland Pulse Report also explored trends in technology and found that most consumers in Ireland have not yet tried AI for either personal use (58%) or professional use (68%).

Older consumers are least likely to have explored generative AI tools. Four-in-five of those aged 55+ (80%) have not experimented with AI for personal use, and 87 per cent have not experimented for professional use.

On the other hand, younger consumers (aged 18-24) are the most likely to have experimented with AI for personal (68%), while those aged 25-34 are the most likely to have experimented with AI for professional use (60%).

Overall, Irish consumers are hesitant about skilled professionals incorporating AI into the services they provide to their customers. Just one-in-five (20%) would be comfortable with real estate agents/brokerages and insurance brokers using AI. This drops to 16 per cent for mortgage brokers and 12 per cent for lawyers/conveyancers.

When asked what would help increase their comfort with generative AI being used by lawyers and conveyancers, 27 per cent said they would be more comfortable if it was used to improve their performance without replacing a real person, while 26 per cent said if it would guarantee a better outcome or better accuracy. A quarter (25%) would also feel more comfortable with lawyers and conveyancers using AI if it would significantly reduce the cost of the service provided.

“Ireland’s legal industry is already exploring the enormous potential for AI to provide cost efficiency and accuracy benefits – from estate agency through to finance and conveyancing – but consumer education is essential. It’s important to demonstrate how AI is already being deployed and the benefits it offers legal professionals in terms of efficiency and accuracy, which ultimately pass through to the client,” – says David Nash, Chief Product Officer, Dye & Durham.

For more information, visit https://dyedurham.ie/