Media: Bank of Ireland pull ludicrous twitter add after furious backlash

The_Conductor

Link to article here: http://www.independent.ie/irish-news/news/bank-of-ireland-pulls-ludicrous-twitter-ad-after-furious-backlash-36063121.html

It probably sounded like a good idea to someone in marketing to run with this- they probably should have bounced the idea off a few of their colleagues beforehand- its no great wonder that so many people feel aggrieved by the advertisement..........

Kermit.de.frog

But Bank of Ireland are right not to lend particularly to most younger people for rent or mortgages. It will damage their balance sheet.

Have we not learned lessons since our humiliating and costly crash?

Now people want banks to throw money to people who can't afford it again??

Wabbit Ears

yea, a load of SJW indignation.
I dont see how 'dont pay silly rents, save for a mortgage' is all that bad advice. jaysus people, lighten up.

Tweets like this are just twattery: oh noes, but what of those cases where the parents DIED!!!! OMFG, you MONSTERS!!!one!eleventy!!

anyway, I really dont get twitter, its just a platform to be as mean as possible in 144 words or less.

Colonel Claptrap

I see very little wrong with the ad.

It's not like they are encouraging irresponsible lending. Quite the opposite I think. A mortgage is not for everybody. Some people buy property with scant regard for their future financial health. I applaud couples who make extra sacrifices when saving for a deposit. It's important to take a good hard look at your ingoings and outgoings to see what can you really afford, and what unnecessary spending can be cut.

We didn't move in with my folks when saving, even though they offered. But we did stop eating out, going to the pub, and sold our second car.

The ad is simply telling a story. I hear this same story every time I speak with couples saving for a deposit - 'we are cutting excessive outgoings'.

Storm in a teacup.

troyzer

Colonel Claptrap wrote: »

I see very little wrong with the ad.

It's not like they are encouraging irresponsible lending. Quite the opposite I think. A mortgage is not for everybody. Some people buy property with scant regard for their future financial health. I applaud couples who make extra sacrifices when saving for a deposit. It's important to take a good hard look at your ingoings and outgoings to see what can you really afford, and what unnecessary spending can be cut.

We didn't move in with my folks when saving, even though they offered. But we did stop eating out, going to the pub, and sold our second car.

The ad is simply telling a story. I hear this same story every time I speak with couples saving for a deposit - 'we are cutting excessive outgoings'.

Storm in a teacup.

Are there really that many scenarios where you'd be worse off paying a mortgage than paying rent if something were to happen that adversely affects your finances? I can't think of any.

Teyla Emmagan

Ad seems fine to me. It might reflect on our society in a way people don't like, but there you go. The fact is that there aren't enough places to rent, so rent is really expensive. Dose of reality.

godtabh

again 'people' looking to be offended

The_Conductor

godtabh wrote: »

again 'people' looking to be offended

Certainly- but there was a bit of inevitability that it would be viewed in this manner.........

Orla, the girl in the add, apparently is back on her own two feet- and living in a property she bought in Swords- so it worked out for her, in the long run.

What the hell is the story with Avocados in the Indo article and comments?
Avocados? Bleurghhh!

ThunbergsAreGo

godtabh wrote: »

again 'people' looking to be offended

Pathetic backlash, it's a story about a person and what she did (I did the same)

The injustice of it all.....

Villa05

Maybe our youth are starting to join the dots and see who is responsible for the housing crisis.

It IS Gov policy to to put in place measures that drive up house prices and rents to improve Bank balance sheets

This ad is the bank telling people suffering from that policy to suck it up go back to your parents to save more money to give to us.

Loved the tweet from the person saying should I go back into my mother's womb to save on food also

It underlines the parasitical nature of the banks and the Irish property market that so many here appear blind to

RoisinClare6

This is a non issue.

Do the 'offended' want absolutely everybody to be able to rent and save for a mortgage? Even if there wwasn't problems with the rental market some people would in fact need a bit of help and there is nothing wrong with that. I've only lived away from home just over 2 years but heck I wouldn't mind going back to mammy and daddy if needs be. Miss those dinners.

I have been renting my house for two years since it was built and my lease was 2 years and 9 months and the land lord offered the same lease when it that's up. It's a 2 bedroom house with a yard. Close to the train/bus that would be an ok commute to dublin/waterford. It's €600 a month

I'm extremely lucky that I can rent and there has to be more people like me out there. Not every house/apartment costs over a grand a month in every county in the country. Is it that because so many people live in dublin that we hear so much about it or what?

Lads, Orla got her mortgage be happy. Not everybody's situation is doom and gloom so try not treat it as such.

Eggonyerface

Pretty much everyone I know did this, I don't see what the problem is

alchemist33

One of the commenters mentioned millennials. I don't know how thats defined exactly but it always seems to crop up when someone's offended.

Michael D Not Higgins

The_Conductor wrote: »

Certainly- but there was a bit of inevitability that it would be viewed in this manner.........

Orla, the girl in the add, apparently is back on her own two feet- and living in a property she bought in Swords- so it worked out for her, in the long run.

What the hell is the story with Avocados in the Indo article and comments?
Avocados? Bleurghhh!

There was a story a while back about a young property mogul who said young people would be able to buy a home if they stopped eating avocado on toast.

Teyla Emmagan

Villa05 wrote:

It underlines the parasitical nature of the banks and the Irish property market that so many here appear blind to

It's not the bank's fault that there aren't enough houses out there. And the nature of a mortgage is a financial agreement, not a parasite living off a host. You agree to borrow money and to pay it back at a certain rate. In return for this you get a home. Alright, sometimes the rates are bad but that's often outside the control of the bank's. But the point is no one forces you to make this arrangement.

We definitely need more houses built though, no one in the entire country questions that.

The_Conductor

Michael D Not Higgins wrote: »

There was a story a while back about a young property mogul who said young people would be able to buy a home if they stopped eating avocado on toast.

Avocado on toast?
Obviously, I've missed something- though somehow, I suspect its not something that really matters...... Kinda like the add they pulled, actually........

CruelCoin

The_Conductor wrote: »

It probably sounded like a good idea to someone in marketing to run with this- they probably should have bounced the idea off a few of their colleagues beforehand- its no great wonder that so many people feel aggrieved by the advertisement..........

What's your own opinion?

Quite strong obviously given the thread title.

Personally i don't see an issue with an ad that promotes fiscal responsibility. "Do what you need to do to get ahead in life". A decent mantra for anyone to live by.

Just listening to the newstalk breakfaast show, and that mortgage broker lad was dead right. It's a storm in a teacup and twitter is a bit of a ****show when it comes to objective reasoning. SJW everywhere you look.

Michael D Not Higgins

The_Conductor wrote: »

Avocado on toast?
Obviously, I've missed something- though somehow, I suspect its not something that really matters...... Kinda like the add they pulled, actually........

It's equivocating BoI being as out of touch with the average person's difficulties in the modern property market as that multi millionaire was.

Michael D Not Higgins

CruelCoin wrote: »

What's your own opinion?

Quite strong obviously given the thread title.

The title is the same as the Independent's article headline.

kurtainsider

The message is very simple. If you want to buy a house to live in you'll need to save for a deposit. One of the very best ways to do this is - if circumstances allow - move back to your parent/s house and deposit the rent money in a savings account at the bank which will provide you with a deposit at some point.

What's offensive in that? Very few young people earn enough to rent and save.

dennyk

The_Conductor wrote: »

What the hell is the story with Avocados in the Indo article and comments?
Avocados? Bleurghhh!

Some rich Aussie real estate dude being interviewed on 60 Minutes a few months ago was going on about how he could afford to buy his first home because he wasn't spending money on avocados like all these whiny millennials. He of course didn't mention that he first got into the property gig when his boss purchased a flat and let him renovate it in exchange for the profit when it sold, then his grandpa gave him a loan to fund the deposit on his next property. Now "avocados" has become a meme about how out-of-touch the wealthy are about the financial reality for most young people these days who don't have strangely generous bosses or wealthy family members to front the money for them to get into lucrative businesses themselves.

Michael D Not Higgins

kurtainsider wrote: »

Very few young people earn enough to rent and save.

And that's the issue. It's a poor reflection of modern society and many still blame the banks for all our current woes.

Michael D Not Higgins

dennyk wrote: »

Now "avocados" has become a meme about how out-of-touch the wealthy are about the financial reality for most young people these days who don't have strangely generous bosses or wealthy family members to front the money for them to get into lucrative businesses themselves.

Like Trump's "small" loan of a million dollars.

f@steddie

Villa05 wrote: »

It underlines the parasitical nature of the banks and the Irish property market that so many here appear blind to

Parasitical nature of the banks? How exactly should they behave? Like they did before the crash when they gave 100% mortgages to every Tom, Dick and Harry?

bmwguy

Could everybody please stop getting offended over everything. That would be just great.

Alf Veedersane

The avocado on toast reference

kurtainsider

f@steddie wrote: »

Parasitical nature of the banks? How exactly should they behave? Like they did before the crash when they gave 100% mortgages to every Tom, Dick and Harry?

Exactly. I'm no fan of the banks but this is sound advice. The alternative is the 100% mortgage (and how about a few bob for a nice new car while we're at it).

Their (now sane) advice is: Save first - buy later!!! I'm having difficulty working myself into a state of outrage over it TBH.

ThisRegard

I don't see anything ludicrous about it at all, people have been doing that long before there were any housing issues.

um7y1h83ge06nx

Not a big deal as many have said. Saving as big a deposit as you can, not just the minimum is sensible to reduce the size of the mortgage you're looking for.

Of course the "solution" would be to offer 100% mortgages. What could go wrong with that. (Sarcasm alert btw).

When the wife and I bought our house 2 years ago we were constantly doing the sums. I was stress testing much harsher than the banks and we were really cutting back to reduce the mortgage we would need as much as possible. Now our LTV is less than 60%, we recently went back to the bank to get a better deal on the rate.

GLaDOS

Me and my girlfriend are doing exactly this when our lease finishes up. As have tonnes of others. Thats the reality, getting offended by it is bizzare.

The_Conductor

CruelCoin wrote: »

What's your own opinion?

Quite strong obviously given the thread title.

Personally i don't see an issue with an ad that promotes fiscal responsibility. "Do what you need to do to get ahead in life". A decent mantra for anyone to live by.

Just listening to the newstalk breakfaast show, and that mortgage broker lad was dead right. It's a storm in a teacup and twitter is a bit of a ****show when it comes to objective reasoning. SJW everywhere you look.

My own opinion- is that its much ado about nothing.
Yes- its damn hard to get a deposit together- and yes, I'm sure parents aren't overly enamoured at the thought of adult children moving back home again. That's life though. I do think it was naïve more than anything else- for BOI to use an add to tackle this head-on- it was asking for trouble.

I'm no fan of BOI (or any other lending institution)- but consider them a necessary evil. Regardless of how they hawk their wares- they will thread on toes. In this instance- they could have easily thread on far fewer toes- and annoyed far fewer people.

In a few days time- it'll all have been forgotten, and it'll be business as usual again.

Galwayguy35

Jeez that Collette Browne must be one of the most permanently offended people in Ireland, she's always whinging about something.

Graham

+1

storm in a teacup.

Can't see why so many people are getting their knickers in a knot over it. It is the reality for many young couples saving for a home.

I find the AIB ad suggesting you can borrow thousands to build a treehouse much more distasteful.

pwurple

The_Conductor wrote: »

My own opinion- is that its much ado about nothing.

Exactly. It's just like the ad they ran with the couple who had paid off their mortgage eventually. Whatever way they had done the make-up was making them look over-the-top wrinkly. I was like... jesus, are they 107, because I want to have mine paid off a lot bloody sooner than these people! And I don't give two tosses if their kids got orthodontics.

It's the advertising company, ads are now "personal stories" that we all buy into to build brand awareness and brand loyalty, rather than actually selling up something.

f@steddie

I wonder is this a Ryanair-esque advertisement? Brand awareness through controversy.

Carlos Orange

Are people offended that they need to save to get a deposit or that saving often involves doing without stuff you would like to have?

And by people I means the professionally offended aka journalists with column inches to invent.

tayto lover

Is it fair though for adult children to be going back to live with their parents?
The parents have done their bit by raising and educating them. Now it's their turn to enjoy their final years in peace in their own homes.

The_Conductor

tayto lover wrote: »

Is it fair though for adult children to be going back to live with their parents?
The parents have done their bit by raising and educating them. Now it's their turn to enjoy their final years in peace in their own homes.

True.
Most parents will happily do whatever they possibly can do- for their children- but having additional grown adults living together- is a stresser for all involved. Regardless of the fact that they are grown adults- you're always going to have Mummies and Daddies- trying to impose groundrules on living together- some of which are fair and reasonable- others of which have no cognisance whatsoever for the fact that their children are grown adults.

The saving grace in all of this- is that the parents can see light at the end of the tunnel- that is, as their children save their deposits- the date when they move out to their own homes, comes ever closer.

Its a new norm in society- its what a lot of people have to do- it may be unpalatable for many- but its just a fact of life.

whisky_galore

I found it patronising, "if ye are good little kiddies and save really, REALLY hard, you might just get the overpriced hovel of your dreams."

But not much different to the other patronising ads banks put out; the 'perfect' nuclear family, the 'happy' retired(?) couple who finally paid off their mortgage and now seem destined for the nursing home, etc, etc. Because many people are under pressure now, this unsurprisingly sticks in a lot of craws. It could be shrugged off only the possibility of being homeless is not just an abstract thing that happens to winos and drug abusers, it's happening to people that have jobs.

CruelCoin

whisky_galore wrote: »

I found it patronising, "if ye are good little kiddies and save really, REALLY hard, you might just get the overpriced hovel of your dreams."

It's only an overpriced hovel though if you try to live beyond your means.

People brand new to the market should not be able to buy a forever home right from the start of adulthood in prime real estate (read dublin anywhere).

There are plenty of places to go within easy commuting distance that far easier to afford for first-timers.
My generation needs to stop being so precious with its wailing on not being able to live where they like for a pittance.

The_Conductor

whisky_galore wrote: »

I found it patronising, "if ye are good little kiddies and save really, REALLY hard, you might just get the overpriced hovel of your dreams."

That's annoying- I guess most people bare it through gritted teeth- in the knowledge that its only temporary.

The perfect nuclear family- the retired couple who are on the last day of their mortgage etc- are different financial institutions- however- it is a definite trend to preach these messages at us (particularly by financial institutions and insurance companies).........

I suppose most of us, in order to preserve our sanity- simply tune out and let these advertisements etc- wash over us- and promptly go to comparison websites etc- if we actually want to a feel for what our best options actually are?

People going mad when a bank offer some good advise. There really are some monumental idiots in this county (and they are on Twitter too it appears).

pilly

The only problem I see with this ad is that it suggests to young people that their only alternative in life is to get a mortgage.

If I was to have my time back I would have NEVER got a mortgage. It has tied me to this country for years now, it's a noose around your neck in times of recession like nothing else.

sbsquarepants

When I was trying to buy my first home, I wasn’t buying smashed avocado for
$19 and four coffees at $4 each,” he said. “We’re at a
point now where the expectations of younger people are very, very high.”

I think the add reflects reality to be perfectly honest - rents are sky high and deposits are hard enough to come by without being fleeced all the time you're trying to get one together.

Also aren't avocados something like a quid each in lidl - the missus is always trying to coerce the baby into eating them - the baby has enough sense to refuse them generally speaking! I don't see the appeal of god damn avocados, I think a quid is too much to be perfectly honest!

Pkiernan

I have to wonder if the whingers are the same folks who are buying 7 euro pints and PCP'ing a new car every 3 years.

myshirt

This definitely would not have been an option for me! I'm out of home since before 17.

There is a real class divide emerging here. The kids with the best platform are those from Dublin or Cork, can live in Dublin or Cork, work in Dublin or Cork, no kids, have familial wealth, get a gift.

I'm not saying it is the only measure needed, but there seriously needs to be a revision of CAT, especially as that familial wealth emerged from direct government intervention and not personal effort. We need to give as fair a shake to those kids not from Dublin but still paying off the loans of the baby boomers, and paying rent to the baby boomers directly or indirectly (pensions), paying for their lump sums etc (public service).

pilly

myshirt wrote: »

This definitely would not have been an option for me! I'm out of home since before 17.

There is a real class divide emerging here. The kids with the best platform are those from Dublin or Cork, can live in Dublin or Cork, work in Dublin or Cork, no kids, have familial wealth, get a gift.

I'm not saying it is the only measure needed, but there seriously needs to be a revision of CAT, especially as that familial wealth emerged from direct government intervention and not personal effort. We need to give as fair a shake to those kids not from Dublin but still paying off the loans of the baby boomers, and paying rent to the baby boomers directly or indirectly (pensions), paying for their lump sums etc (public service).

I agree with you on the class divide. Banks tend to cater for the stereotypical family where Mammy and Daddy still live in the 4/5 bedroom family palace taking no cognaisance of the fact that the family home may indeed have been re-possessed or sold because the parents were broke or separated.

.......

This post has been deleted.

Pkiernan

myshirt wrote: »

This definitely would not have been an option for me! I'm out of home since before 17.

There is a real class divide emerging here. The kids with the best platform are those from Dublin or Cork, can live in Dublin or Cork, work in Dublin or Cork, no kids, have familial wealth, get a gift.

I'm not saying it is the only measure needed, but there seriously needs to be a revision of CAT, especially as that familial wealth emerged from direct government intervention and not personal effort. We need to give as fair a shake to those kids not from Dublin but still paying off the loans of the baby boomers, and paying rent to the baby boomers directly or indirectly (pensions), paying for their lump sums etc (public service).

This is nonsense.
A huge feeling of entitlement pervades the current moaning generation.
Save for your own house like I did.
Save for your own pension like I do.
Stop wasting money.

Now that life is some perceived as being uniquely difficult for the milennials you want to tax people who have a bit to spare?
Think back 40 and 50 years when the Irish were treated appallingly abroad but still they worked and saved.

They werent out every night in town the pub.

Cop on and take responsibility for your own futures.

Anyone who thinks Irish politicians will tax PPRs us living a fantasy.

whisky_galore

f@steddie wrote: »

I wonder is this a Ryanair-esque advertisement? Brand awareness through controversy.

Ryanair don't usually pull their controversial ads.

Villa05

Teyla Emmagan wrote:

It's not the bank's fault that there aren't enough houses out there. And the nature of a mortgage is a financial agreement, not a parasite living off a host. You agree to borrow money and to pay it back at a certain rate. In return for this you get a home. Alright, sometimes the rates are bad but that's often outside the control of the bank's. But the point is no one forces you to make this arrangement.

Banks charge extortionate rates to fund property development thus killing the supply tap.
This drives up prices and rents resulting in bidding wars for homes. This benefits banks as they are over exposed to property.
They also warehouse homes through their own practices and through governments NAMA policies

The ad is a clear sign of a bubble in the housing market and we all know who will pick up the tab for that when it bursts again

PARASITE