The Gender Gap is still Prevalent

The Bank Of Ireland has recently reported that there has been a slight decrease in the gap between the pay received by their male and female employees. However, the bank is still working to reach a 50:50 balance for its workers.  Currently, the bank of Ireland is reporting a gender pay gap of 23.8% across all their departs, which is a 0.4% improvement from the last year. The bank has stated that a large proportion of this comes from the under-payment of their female employees at senior levels and junior grades.

The system that the Bank of Ireland uses to calculate the pay-gap difference is by working out the average pay of all women in the company and comparing then to the average pay of all the men in the company. The Bank of Ireland is currently introducing more flexible ways of working with all employees, as well as pulling career development and leadership programs for their female employees.

It was reported last year that nearly 41% of all senior appointments in 2020 were female, which is an improvement from …

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Is your car keeping you poor?

Everyone treats their car like it is their baby. Almost every one of us owns a car or two these days. It is an integrated object in our society. We give it names, notice its funny little quirks and much more to make ours. It conveniently takes us from place to place, but your car may be doing something evil that you are not aware of.

Many of us use our cars as status symbol. Our family, coworkers, or even friends will like us more. Maybe we use to make others envious of us. It creates an illusion our freedom is secure for us to go anywhere. Unfortunately, it does the opposite, it is more likely it will take away our freedom and security. We borrow money so we can purchase the car, the money we borrow has an interest, and we need to pay to maintain the car. Do not forget, once it comes off of the lot the car dramatically depreciates in value. New cars typically depreciate 60% in the first five years. Want to avoid it by …

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How our brains destroy our finances and how to avoid it

Typically, we want to focus on the good habits we do and improve further on them. Of course, these are good things to know about like managing your money, budgeting, and so much more. Although we try our best to stay on track, the reality is it will not always finish the pathway. Our brains have developed to have a certain way of perceiving and understanding things. Our brains have default habits and modes it follows which can get in the way of even the most knowledge and objective people’s finance. It tends to steer away from logic and make us choose worse options even though we hold the information to do better. With the right precautions, we can teach you how to outsmart your brain. 

Hyperbolic discounting.

To start, hyperbolic discounting is when there is a temporary discount for our preferred immediate over future rewards. We value something more that happens now rather than waiting for it in the future. Credit cards are one of the prime suspects of this action. We purchase an item we might not be …

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Is Dublin the newest popular city for firms to move to?

From recent research by British Newspaper, The Observer, it has been stated that Dublin is the most popular destination for financial companies moving businesses out of London in the past year. Many of these companies specialize in financial services and it has been found that a total of 34 companies have found to have jobs shifting into the capital city. In 2016, the EU passed a referendum which has caused firms located previously in the city to start leasing space in other cities such as Amsterdam, Paris, Luxembourg, and Dublin. This is to ensure that they are still able to keep maintaining business with their EU clients.

Credit Unions are also planning on launching a new credit card within the next month. The Irish League of Credit Unions has been testing this new card in Ballinasloe in preparation for launching the card with another 14 credit unions across Ireland within the first half of 2021. This card removes the credit union member’s dependency on cash and will give them another option in payments or doing their banking services with …

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The interest rate will kill you.

No, not physically but they will hurt your financial goals if you do not completely understand them. When you are starting out on your financial journey you are not trained to look at interest rates. Most of us are just happy we got fifty euros in our pocket when we first start earning money. We know money comes in and goes out. Once we start going to university or getting a credit card that’s when interest rates start coming into play.

Although 2.5% on the paper might look like a small number on the paper, do not be fooled. Interest rates can be one of the biggest deciding factors in your financial life. The difference between a good and a bad interest rate to a car, credit card, mortgage, and so much more can literally be the difference between tens of thousands of euros! It might not seem to be a lot, in the beginning, take caution to your calculations. Even a cellular phone bill can hit you with a damaging interest rate which if you’re straight out of secondary …

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Daily Habits that separate you from the most successful individuals

No matter what financial place you are, our goal is to improve your understanding of money. You do not need to be wealthy to do the same things but understanding how money impacts our lives is important to avoid a financial crisis. Wealth is not just money that you have but how you think and feel.  It is not just about perception but there are many practices they have adapted to sustain their wealth. Do not feel discouraged, even those on a serious budget can follow these habits.

 

 Do not wait for permission. 

They feel deserved to go for the things they want. They do not wait for someone to agree with their idea and give them the green light. You can follow this even without having money. This applies to many aspects of our life. Instead of waiting for your boss or managers to give you a raise or a promotion, taking the initiative by demonstrating you have the responsibility to do so and take on the tasks that are for the position. Without taking the initiative, people …

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How will the rising of State Pension Liabilities affect you?

Recently, state pension liabilities have been on the rise at around 10% annually, according to a recent studying involving Ireland’s pensions, it claims that pension schemes across Ireland have over €600 billion worth of liabilities. The study analyzes are many Irish households were privately owned by employers and the government, finding that the State pension accounts for almost 60% of all liabilities. Within that, the public sector pensions account for nearly a quarter while the private sector pensions are around 16%.

Overall, the pension liabilities within Ireland has increased by 7%, however, there are still differences in the positions of such schemes. The liabilities of private sector schemes has increased at just over 1%, while the public sector schemes have almost increased by 10% for state pension liabilities. One of the biggest issues is the sustainability of the current State pension scheme and whether the age requirement on the scheme will rise to 67 as previously planned, and then to 68 in 2028.

The study in 2018 shows that Ireland’s total pension liability at that time was equal to 186% …

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What does Ireland truly stand economically compared to other European powers? (pt. 2)

Much of what the general public and media base their assumptions on a country’s current standings goes with the profits being reported by foreign multinational corporations that reside in that country. These multinational corporations (MNC’s) have tended to flatter Irish’s GDP growth. Since most of these profits are beneficial to foreign parents instead of the Ireland economy, they do not affect international measurements such as GNI. But in recent years, actions taken by these firms have seen effect to not only GNI but GDP as well.

The differences are now that the large capital assets owned by these MNCs are now operating in Ireland. And these Intellectual property assets are often owned by information technology companies. This asset from abroad contribute to GDP not because of the act of acquisition itself, but once these assets are acquired. The deprecation of the asset and land in Ireland affect the statistics. The deprecation of these assets must be included in the GDP and GNI, as that is what the “G” stands for.

In 2015, many of these large MNCs decided to move …

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10 Money Saving Tips!

Who doesn’t want to save money? Here are ten money-saving tips that may make it easier than you think to save.

1. Automatic Transfer

Set up an automatic transfer from your checking account to your savings account. You can start with a small amount and gradually increase t if you would like. You can set this up to transfer an amount from each paycheck or a certain amount each month.

2. Raise

If you get a raise, put that extra money from your raise into your savings account. Many of us look forward to a raise because you know you’ll be getting more money with each paycheck. Instead of using that extra money, continue to live as you have before the raise. Put that extra money into a savings account and watch it add up.

3. Loose Change

Saving all your loose change and cashing it in every month. This is such an easy task, but few people think of doing it. Every evening you can empty your pockets and put it in a jar or some type of container …

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