February 17, 2011
By Staff Reporter
It was inevitable. The bubble was always going to burst, although I don’t think people were ready for a bang quite like this.
Most of my friends graduated from college in 2002, and were welcomed into Ireland’s workforce with open arms. I headed off to New York to start a new life for myself. My friends in Ireland, who were in the business and finance industries, had their pick of jobs and were earning more money than I’ll ever earn in my life — and they were still only in their early to mid twenties! They started jobs, not at the bottom of the job ladder; no, they started jobs half way up the ladder with an eye for the top before they reached their 30th birthday.
It was all about promotions, company cars (a new model every year), expense accounts and corporate nights out. Some of Ireland’s accounting and banking firms were known for the great social life attached to the job. They would get their work out of the way and then the fun really starts.
Ireland’s workforce has had it so good over the past ten years and they didn’t even realize it. My friends just assumed that this must be the way of the working person’s life. Little did they know that jobs would become scarce and that Christmas bonuses were not guaranteed.
In 2009, most of my friends and I will be turning 30, and it will be a tough year for many. We were around for the bad times of the 1980s in Ireland, but we were too young to have any real concept of how bad things were. We didn’t realize that emigration was a problem facing many young Irish adults. As long as we had a few punts for Tayto crisps, a macaroon bar and a 10p bag we were happy.
I’m delighted that I grew up having my birthday parties at home in my parents’ house, where I helped my Mum make Rice Krispies buns, popcorn and an ice-cream cake topped with Smarties. Ireland has lost the run of itself over the past decade – in some ways, it’s as if the Emerald Isle had gone mad.
People were suddenly flush with cash and felt the need to spend every single cent of it — and to make sure people knew how well off they were. “Keeping up with the Joneses” took on a whole new concept, where people were more concerned with whose flat screen TV was bigger. They spent ridiculous amounts of money on everything: children’s birthday parties, weddings, cars, holidays, new kitchens, phones, electric gates, clothes, sun beds and more.
We became so obsessed with material possessions that we really lost the run of ourselves. We no longer held simple dinner parties for our friends and neighbors, but instead fought with some restaurant hostess because we wanted a window table for 8 p.m. on Saturday night for a dozen people in the new place-to-be-seen restaurant. We cared more about what people thought of us than what we actually thought of ourselves. We did everything for show.
I for one, feel that some good can become of the dreadful economic situation that Ireland, the U.S. and the rest of the world is facing at the moment. We need to re-examine our priorities in life.
I’m happy to say that my friends are beginning to spend more time chilling out in one another’s houses and cooking food from scratch instead of buying party packs from Marks and Spencer or ordering takeout. People will spend more time with family as well – I hope — instead of jetting off every other weekend to some European city because Aer Lingus just announced another new route. But I feel terribly sorry for the families who are in dire straits and are really struggling financially.
I decided two years ago that I was going to start my Ph.D studies. I knew I’d be less well-off than I was used to, because most of my time would be taken up doing research and writing my thesis. I was prepared for my new way of life – the necessity of living on a strict budget — but it was a choice I made when I decided to go back to school and get my doctorate. Most people who find themselves with thousands of dollars or euro in debt hadn’t planned for this economic downturn at all and many can’t cope.
We became extremely selfish when our Celtic Tiger was thriving, but we now have to look back and learn from what we’ve experienced and try and make the most of what we have. We must cherish the fact that we had it so good for so long and try and look to a future than – hopefully – will be more stable. After all of our overindulgence, it’s time to start thinking about what really matters in life.
Tar