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FIRST PLACE: Domestic vs Foreign Holders of Public Debt: Is Ireland’s Lack of Home Bias an Issue?

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Lily Joblin – First Place

Introduction

As the global economy rapidly expands, there becomes an increasing pressure for governments to intelligently balance debt between domestic and foreign holdings– in many cases, it becomes a decision between growth and resilience. Governments are balancing a need for national investment and insular policy that prevents shocks with necessary room for economic growth. Ireland’s own debt ownership structure has evolved over the years, though it remains primarily focused on foreign investors (Central Bank of Ireland, 2023). While a diversified investor base provides access to global capital markets, it also exposes the economy to external shocks and financial volatility (OECD, 2024). This essay examines whether Ireland’s relatively low home bias in government debt holdings poses economic or financial stability concerns. By analyzing Ireland’s debt composition, comparing it to other economies, and assessing potential risks, this essay aims to determine if measures should be taken to encourage domestic investment.

Defining Home Bias: Irish and Global Contexts

To comprehensively understand both the risks and merits of home bias, one must first understand its definition implications in relation to public debt holdings.

“Home bias” can be defined as a proclivity – either by individual investors or governments – to hold wealth in domestic stocks. Home bias is overwhelmingly common among private investors. There are several reasons for this proclivity, but can mostly be boiled down to one key concept: people are simply more likely to prefer to invest in their familiar home country (Proinsias O’Mahony, 2019).

On its face, this seems harmless and even expected. However, there’s been an influx of data that suggests home bias among investors is unnecessarily warping and distorting the global market, helping rich countries stay richer (Proinsias O’Mahony, 2019). When more money stays in large markets like the United States, it creates an uneven distribution of global wealth, which can prove problematic for countries smaller in both population and market size– of which Ireland is both, in comparison to other economic powerhouses (Proinsias O’Mahony, 2019).

But when it comes to government debt specifically, the issue is not nearly as clear. On one hand, home bias can provide financial stability via insulation: when a country is highly invested in its own assets, it becomes insulated from external market fluctuations (Reuters Staff, 2025). Countries with strong domestic debt bases typically experience fewer funding shocks during global crises– which are becoming increasingly common as political instability, climate change and other crises increase in frequency (Reuters Staff, 2025).

Alternatively, though, foreign debt is a crucial portion of a country like Ireland’s debt portfolio: by tapping into foreign investors, Ireland gains access to a deeper pool of capital than what is available domestically in the country’s relatively small economy. It’s crucial that the government maintains enough capital to finance its operations, and in Ireland’s case, foreign investment provides a better opportunity to do so. Also, foreign investments open up the possibility for greater diversification of investment, which is known to stabilise portfolios.

At the end of the day, foreign bias is not without its risks: there are several factors which a government, especially one with a relatively small population like Ireland, must consider when choosing how to balance a public debt profile. In many cases, investing too heavily in foreign assets leaves accounts vulnerable to external shocks which would not be present in a more domestic profile, as mentioned above: Foreign investors can rapidly withdraw capital in response to geopolitical or economic crises, leading to liquidity challenges and funding pressures (OECD, 2023).

The Necessity for Home Bias in the Irish Economy

However, in the case of Ireland, home bias is not just an asset but a necessity. A simple scroll through major national newspapers will reveal the country’s further spirals into a cost-of-living crisis. In our country’s case, the government’s proclivity towards home bias would not only be welcome, but revitalising, to the Irish people. Government spending has only increased, Prior to the 2008 financial crisis, nearly 85% of Irish government bonds were held by foreign investors– a worrying statistic for a country wishing to maintain its strong domestic economy. However, the government began to pursue a higher level of domestic participation post-crisis, which resulted in almost 50% of those bonds being held domestically in 2014 (Newenham, 2014). Recent data from the Central Statistics Office, though, indicates a backswing towards foreign ownership. The country is facing an extreme reliance on foreign capital and remains vulnerable to external economic conditions (Www.cso.ie, 2024).

Without a succinct business acumen, whether the government participates in home bias or not may seem inconsequential to the average Irish citizen. But the reality is that no individual is unaffected by how their country manages its portfolio; some citizens recognise this and will even go as far as to protest their government if they are unsatisfied with the ethics, long-term feasibility, or general appearance of investment by controversial foreign bodies. Ireland has long praised itself as a country which values its citizens and maintains a no-nonsense attitude towards the country’s betterment. While foreign investment remains important, it’s becoming increasingly clear that the security of domestic debt is more important than ever. For example, a country like Japan, which has a strong domestic investor base, relies on its banks and pension funds to support debt issuance during crises– in Ireland, the absence of a strong domestic buffer increases vulnerability to external shocks (McGee and Westbrook, 2024). This critically endangers the continued maintenance of Ireland’s
market confidence.

Despite the wickedness of the portfolio management problem amid an increasingly globalised world, there are solutions which can serve as mitigating factors for a government which is concerned about its holdings. The government has a shining opportunity, with the recent implementation of new public officials and Seanad Éireann elections just around the corner, to adopt policies which aim to encourage domestic investment in government debt. These could take the form of tax incentives for individual and institutional investors – similar to those in Italy. Or the government could take the strategy of Japan, by promoting government bond investment through domestic pension funds and savings vehicles.

Conclusion

Ireland’s lack of home bias in government debt is a double-edged sword. Foreign investment provides critical access to global capital markets, enabling the country to finance its operations at competitive rates and diversify its debt portfolio. This approach has helped Ireland maintain robust economic growth and stability– a critical tactic, especially following the financial crisis of 2008. However, reliance on foreign investors introduces extremely critical vulnerabilities: exposure to external shocks, capital flight, and reduced autonomy in fiscal policy.

As Ireland navigates an increasingly volatile global economy that grows more uncertain by the day, a stronger domestic investor base in government debt will provide much-needed insulation against crises. Strategies such as tax incentives, the promotion of domestic savings vehicles, or leveraging pension funds to invest in government debt could help address this imbalance. The precedent set by dozens of other countries like Japan and Italy should embolden the government to make important moves and restore home bias in the country. These strategies have demonstrated the efficacy of such measures in stabilizing debt structures while maintaining market confidence. Ultimately, balancing the complex relationship between domestic and foreign holdings is crucial for Ireland’s financial resilience. While foreign investment must remain a key pillar of its debt strategy to ensure continued growth, a renewed focus on fostering home bias will safeguard Ireland’s economic future, ensuring stability for its citizens which have gotten all too used to uncertainty– which should always remain a thriving government’s priority.

Coffee Chat with Eamonn Potter, Management Associate at Bank of Ireland

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Kate Lynch

As part of the Graduate Coffee Chats series in collaboration with Foresight Business Group, Foresight Vice President Kate Lynch spoke to Eamonn Potter, Management Associate at Bank of Ireland and former TBR Hub Editor to get insight into life as a graduate at Bank of Ireland.

The Bank of Ireland Graduate Programme 

Eamon joined Bank of Ireland’s (BOI) graduate programme in 2023 in the Corporate Markets Department which involves corporate lending, global markets and collateral. Along with Eamonn, approximately 90 other graduates joined the BOI graduate programme across a variety of departments. As part of the 24-month graduate programme, graduates complete three 8 month rotations, with Eamonn completing his final rotation at present.

Eamonn first started his rotation in property lending, more specifically in residential investments. His role was to lend money to property investors and funds who would pay the asset back overtime in exchange for ownership. Six months into his rotation, Bank of Ireland launched an ‘Affordable Housing Investment Team’, an initiative focused on investing more money in social housing. While this did not generate much revenue for Bank of Ireland, they were still committed to their social responsibility goal to provide more housing opportunities.

Eamonn’s second rotation was in the Foreign Exchange (FX) Pay Team, a digital platform for businesses to make international payments. While Eamonn described this desk rotation as being a fast-paced and exciting environment, where every day was different due to daily changes in market rates, it was “hard at the same time. You were in the office everyday from 8 to 5 while your colleagues may be home on Fridays.” 

Eamonn began his third and most recent rotation on the Bank and Country Risk Unit (BCRU) desk. This department is focused on setting limits on loans by evaluating risks arising from other banks locally and internationally, establishing lending limits. He said he’s enjoyed the exposure to the different desks and is looking forward to what the BCRU has to offer.

Upon completing the 2-year graduate programme, Eamonn has the option to join one of the previous teams he worked with or move into a new role through applying internally. Bank of Ireland also provides the resources and support for graduates to  become a QFA (Qualified Financial Advisor) and/or CFA (Chartered Financial Analyst) Level 1. 

The Interview Process

After graduating with a Business and Economics Joint Honours degree from Trinity in May 2022, Eamonn began applying to graduate roles around September/October. and after hearing back from Bank of Ireland, he began the first round which involved a number of assessments that took place before Christmas. He was left elated when he was contacted by the recruiting team a number of weeks later, informing him he made it to the next round.

The next round involved an assessment centre, where he had to take part in a group case study where they had to solve a problem. Eamonn said the key to the assessment centre is trying to “find a balance between speaking up but also not speaking for the sake of it”. After the group case study, he had to undergo an individual interview that involved behavioural questions as well as interview questions examining his knowledge of finance. Lastly, Eamonn completed an individual case study. 

Workplace Culture

In terms of work culture, Eamonn described BOI as a lovely and encouraging place to work. He emphasised that it’s a lovely place to start your career as it eases you into the financial industry and exposes you to a plethora of areas in the banking industry.

“From my experience it’s a really nice place to work. There are no silly questions and they are happy when someone is asking questions,” Eamonn said. “They want to get everyone up to speed and it is an encouraging place to work.” 

Advice to Students 

Although many people believe internships are a must-do, Eamonn emphasised that not doing an internship throughout your college career is not a big deal! As someone who never did one, he didn’t find it affected his ability to find a graduate role after college. He expressed that the experiences you get from travelling are just as important. He also mentioned how the skills he gained from being involved in college societies such as the Trinity Monetary Fund and the Trinity Business Review were just as appropriate to talk about in interviews as experiences from an internship would be. So don’t fret if you’re not loving the idea of an internship this summer! 

“The SMF was great for meeting like minded students and really opened your eyes to stuff before leaving college and gives you something to talk about in interviews.” 

In terms of interview advice for students interested in applying for a role in Bank of Ireland, Eamonn said to “know exactly what a Bank does”. It may seem like a simple business model but it’s more complicated than you think. He also said to research the Irish banking sector and be up to date on the external risks that Banks may be experiencing in the next 1-5 years, for example Trump and Russia Ukraine War etc. “Be up to date with geopolitical risk and what’s going on in the world” as it’s very important for the interview process but also just as important when you’re actually in the job.

Eamonn gave one final piece of advice to students beginning their job search in the coming months. “Don’t be afraid to reach out to people on Linkedin and ask some questions, it makes a big difference and apply for everything! Even if you think your chances are low or you don’t have the exact qualifications, apply anyways! You never know what might happen.”

Why Girl Math Makes Sense – The Liquidity of Cash in Today’s World

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Sean Gleeson

We live in an era of convenience. Humans tend to be lazy, and any invention that makes our lives easier will be used. In the payment world, contactless payments like Apple Pay have made transactions seamless and as convenient as possible. In short, the convenience of contactless payments is killing cash; cash is no longer king.

When was the last time you paid for something in cash? For many of us, myself included, it was admittedly a long time ago. ‘Girl Math’, a concept that has gone viral in recent years through social media, captures the irrational yet highly relatable thought processes that girls refer to in order to justify making certain purchases. One of the many facets of girl math is the justification of paying for items in cash where, because of the form of payment, it is seen as a bonus or almost as a free purchase. It’s as if we didn’t have to pay for the item at all. This is especially true when we use up our 10 cent and 20 cent coins; these coins have likely been gathering dust at home for years and may have never found an alternative use to the coffee you’ve just bought. Indeed, this heuristic, which has long been discovered in the behavioural economics world as a form of mental accounting, applies to us all. 

The effect holds for some more than others of course; for those that favour cash, such as older generations, the effect is not as illuminated compared to Gen Z and Millenials. Many shops in Dublin have gone cashless due to environmental considerations, inspiring a tendency to tap and go rather than fork out unfashionable coins that clog up our pockets. For instance, a friend recently received a 50 euro note from a relative on his birthday. Upon finding a 2 euro coin in his pocket, he offered this 52 euro of cash to anyone who would Revolut him 50 euro. His dad immediately agreed and questioned the rationality of the deal. The response? Too much of an inconvenience to lodge the cash in the bank.

This draws me to the conclusion that there is some sort of convenience premium on paying with cash. The utility we obtain from purchasing an item in cash is in some way higher than the utility we obtain from purchasing that same item with card. Similar to using a gift voucher when we were younger. Essentially, we consider our level of financial wealth as the amount that is in our bank account. Any amounts that we have in cash are almost ignored or deemed secondary. When we pay for something in cash, our bank balance will remain the same; it thus feels almost like a free acquisition.

In Theory: Mental Accounting

This particular subset of girl math has been explained to some extent in the behavioural psychology field. The notion of mental accounting refers to differing cognitive values placed on the same amount of money based on subjective criteria. Effectively we place different values on equal amounts of money; we equate 52 euro in cash with 50 euro on card, based on the convenience premium. This has similarly been described by Director of Behavioural Finance and Investing at Betterment, Dan Egan, who stated that “two dollars are not treated as equals”. Cash is not a perfect substitute for card, even when they are the same amount. This financial behaviour violates the fungibility notion of economics, the ability of an asset to be evenly exchanged with another asset of the same type. It may not make any rational sense but human behaviour can be unjustifiable. 

This mental accounting boils down to the allocation of money pools into different cognitive ‘accounts’. For example, you may have a savings account for your next holiday, even while you are still paying interest on a car loan taken out last year. This theory was explained by Richard Thaler in his 1999 paper “Mental Accounting Matters”. He explains that, when we make a purchase, we obtain two kinds of utility: acquisition utility and transaction utility. Acquisition utility, like the idea of consumer surplus, is seen when we obtain a good for a payment of less than the value of which we perceive it to be. Then there is transaction utility, under which the convenience premium falls. Transaction utility measures the perceived value of the ‘deal’, which is perceived to be better value if we use up our coins and loose change. As Thaler states, “this effect cannot be accommodated in a standard economic model because the consumption experience is the same in either case”. The actual consumption has not changed, but the perceived utility, however irrational, has changed.

This contradicts older hypothesised heuristics, where it was believed that paying with card was not as salient because tangible money was not exchanged and so the cost burden was not entirely felt. Thaler refers to Soman’s 1997 paper with the crucial statement: “Payment by credit card thus reduces the salience and vividness of the outflows, making them harder to recall than payments by cash or check which leave a stronger memory trace”. My principal argument is that this statement no longer holds and has been flipped; cash payments are actually less salient today, because we tend not to account for our cash balances and perceive our bank account balance as our level of financial wealth. Cash payments can be easily forgotten whereas checking online transactions in-app provides immediate access to all card payments made. We have become so used to paying with card that the initial mental bias has been worn down and, in effect, flipped. The psychology behind the girl math makes sense.

The Liquidity of Cash

With this in mind, how easy is it to use our 10 cent, 20 cent, even 50 cent coins? Even for larger values, there is a significant element of inconvenience in terms of carrying around coins, and even notes too, which can be easily mislaid. The development of modern wallets such as the Dutch brand Secrid illustrates this change in habits: plenty of card space is provided in the wallet, but no clear space for cash holding is present. Additionally, many stores in Dublin are cashless, to prioritise environmental concerns and perhaps also to subtly make their own accounting lives easier. How liquid is cash in today’s world?

This question requires redefining how we view the concept of liquidity. In broad terms, liquidity is defined as “the ease with which a resource can be converted to cash”. For the sake of this argument, I am going to change this definition to the ease with which a resource can be converted to a resource capable of readily making payments. We cannot convert cash to cash, so to assess the liquidity of cash we must make this definition alteration.

Traditionally, cash is the most liquid asset; in fact, liquidity revolves around cash. But in realistic terms, how many payments, regardless of size, are made in cash today? The vast majority of payments are made via bank transfer, card payment and so on. With this new definition, cash is no longer the most liquid asset. Cash in hand cannot be used to instantly make a payment in many cases. It is simply easier to track and manage if we just use the card, better still if it’s on our phone as we don’t even need to carry our card around in that case. In the era of convenience, often all we need to carry around is our phone. In this regard, online account holdings are becoming the most liquid asset, yet holds the assumption that we can have complete trust and reliance in banks. Admittedly, this is a big ‘if’.

Future Considerations

Perhaps most importantly, we must evaluate where we are now and what future developments are likely to occur. With recent news that 2024 broke the 1.5 degree warming threshold, environmental action will become more and more intertwined with economic action, which may see a rise in cashless business and activities to reduce the turnover of cash. We previously saw the removal of 1 and 2 cent coins from circulation; it is quite probable this will expand to 10 and 20 cent coins in the future, depending on whether high inflation rates continue. With high inflation, these coins become effectively worthless. Additionally, 1 and 2 euro coins could be turned into 1 or 2 euro notes, much like the US dollar system. This could give these notes a higher perceived value than their equivalent coin counterpart in the mind of the consumer, and are significantly easier to carry around than coins.

Another interesting point to note is that, currently, some businesses will charge a lower price for paying in cash, given that they must pay a charge for use of a card machine. The Auld Triangle on Dorset Street charges €4.80 cash for a pint of Guinness, whereas if you pay with card it is €5.30. This price discrepancy is uncommon but certainly not unheard of. My prediction is that, like Soman’s 1997 statement, this price discrepancy will also flip to offset the convenience premium. A consumer may be willing to pay 7 euro for a pint of Guinness by cash (especially if they can pay with a 5 euro note and a 2 euro note), but equivalently will only pay €6.50 by card. The cash cost is not accounted for in the same way as the card’s cost would be, highlighting the presence of mental accounting. A price discrimination strategy like this could be seen in stores in the not-so-distant future.

We can also expect to see more competition for the likes of Revolut, which has taken the digital payment world by storm in recent years (see my colleague Patrick Calma’s article for an apt review). Increasing regulation to protect consumer interests should not inhibit innovation; the development of digital and contactless payments has huge potential and can contribute to a more sustainable and cost-considerate world, if developed in the right way. Moving away from cash should be embraced; in the utilitarian sense, if something is designed to make your life easier, why wouldn’t you use it? The great Bill Gates once said “I choose a lazy person to do a hard job, because a lazy person will find an easy way to do it.” In a way, it is our laziness and desire for convenience that creates so much of the innovation that spurs on the world. Expect to see more of this innovation in the digital payments world over the following decade, which will continue to kill off cash.Something to consider the next time you get your morning coffee at The Forum; they may not thank you for handing them the 20 cent coins you found in your old piggy bank from when you were a child, but consider how you feel about the value for money transaction compared to the usual tap of the Revolut card. The girl math adds up.

The Crypto Ecosystem: How Blockchain, DeFi, and Emerging Tech Are Reshaping Finance

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Rachel Ranjith

In a rapidly evolving digital world, the advent of cryptocurrencies, blockchain technology and decentralised finance is reshaping the global financial landscape. These technologies aim to decentralise power, with the intent of promising financial inclusion and accessibility, challenging traditional banking norms. Yet, they also raise pressing questions about security, scalability and sustainability, especially as emerging technologies become potential disruptors. 

To demystify the concepts surrounding crypto and make it more approachable, Dr. Martha O’Hagan Luff of the Business School and Dr. Hitesh Tewari of the School of Computer Science and Statistics were interviewed to learn more about the future of cryptocurrency. 

The Building Blocks: Crypto, Blockchain, and DeFi

Cryptocurrencies like Bitcoin and Ethereum represent a shift from centralised money controlled by governments and banks to decentralised digital assets. Built on blockchain technology, they allow for peer-to-peer transactions without the need for traditional financial intermediaries, offering greater transparency and user control.

Blockchain is the backbone of cryptocurrencies: a decentralised, distributed ledger that securely records transactions. Its immutability and transparency have made it a cornerstone of digital finance. Beyond powering cryptocurrencies, it also enables the smart contracts – self-executing code for certain banking procedures – that DeFi platforms rely on.

Decentralised Finance (DeFi) leverages blockchain to recreate traditional financial services – such as lending, borrowing and trading – without intermediaries. By using blockchain and smart contracts, these services are automated, making them faster, more transparent and accessible. Together, these components form a symbiotic network; cryptocurrencies operate as the medium of exchange, blockchain serves as the infrastructure and DeFi platforms utilise both to deliver financial services in a decentralised, trustless environment. 

A New Era of Financial Services

Traditional banking systems are built on centralised control by governments and financial institutions. This structure provides stability, insurance and regulation, but it also has its downsides. High fees, slow processes and limited access for millions of unbanked people worldwide are a few notable flaws. DeFi addresses these very issues by offering accessibility to anyone with an internet connection, it offers transparency, lower costs and user control. Since it’s automated via smart contracts, and operates without the need for trust in centralised institutions, it has evoked a lot of interest in the public. However, the lack of regulation and protections in DeFi means higher risks, such as losing funds to hacks or bugs in the system, as well as the volatility of crypto assets.

As traditional financial institutions explore blockchain technology- like JPMorgan’s use of blockchain for settlements- it’s unclear whether DeFi will coexist within traditional banking or replace it entirely. The likely outcome may be a hybrid system, combining the best of both worlds. There is a certain convenience to the efficiency of Smart Contracts that is inarguably positive. However, the reassurance and reliability of traditional banking cannot be easily replaced. 

Another possibility is the rise of CBDCs – Central Bank Digital Currencies. This was proposed as a potential solution to the crypto ecosystem. The proponents for this technology argue that the convenience of crypto is preserved while also solving the issue of unregulated currencies. However, a deeper look into this idea provides a number of disturbing concerns. If CBDCs become legalised tender, many transactions become more traceable due to regulatory requirements. The extent of this traceability can vary based on the design choices made by central banks, however, this contrasts with the ideology of cryptocurrencies. Pro-CBDC proponents often argue, “why worry if you have nothing to hide?” But, in an era of increasing concern for digital privacy, it might be safe to say CBDCs may not become popular.

Quantum Computing: Threat or Opportunity?

Quantum computing is a revolutionary leap in computing that solves problems far beyond traditional computational powers that, unfortunately, threaten the crypto environment. It has the potential to revolutionise many industries, but due to its capability of solving complex problems exponentially faster, it also poses a serious threat to blockchain technology. Since blockchain security relies on cryptography and cryptographic algorithms, quantum computers can eventually break past these walls. For example, private keys used to authorise crypto transactions could be decrypted, exposinging assets to theft. This is understandably a serious compromise of the integrity of blockchain networks.

Researchers are already developing quantum-resistant cryptography to safeguard these systems. Post-quantum encryption and hybrid cryptographic models are widely being discussed in the current tech climate, with a widespread understanding of a need for preemptive measures. While the threat is real, quantum computing also presents opportunities. From optimising scalability, efficiency and speed to the implications of a transparent ledger for business transactions, the blockchain ecosystem definitely has significant future applications.

There are parallels to be drawn between the current rise in popularity of crypto and the 90s Dot-Com Bubble. The internet’s commercial potential sparked an unprecedented wave of investment in tech companies in the late 1990s and the promise of connectivity and innovation drove massive valuations. However, when the market realised that many dot-com companies lacked profitability or sustainable models, stock prices plummeted, wiping out trillions of dollars in value. Similarly, quantum breakthroughs could trigger a re-evaluation of crypto projects, exposing vulnerabilities and weeding out weaker systems.

What is Self-Sovereign Identity (SSI)?

Self-Sovereign Identity (SSI) enables individuals to control their own digital identity, a key element while discussing DeFi platforms. Instead of relying on centralised services like banks or governments, users manage their own identity data. Blockchain’s decentralised nature makes it an ideal platform for implementing SSI, allowing users to securely store their identity data without ceding control to intermediaries. 

SSI has the potential to transform traditional Know Your Customer (KYC) processes in the crypto ecosystem by allowing users to control and share only essential data without relying on centralized institutions. While KYC regulations are currently enforced in many crypto transactions, SSI could reduce the burden of sharing sensitive information by enabling pre-verified credentials. Users could prove their creditworthiness or reputation without exposing sensitive personal information while also reducing the hassle of procuring documents from multiple institutions for any formal procedure.

However, challenges remain, including the complexity of implementing SSI on a large scale and ensuring interoperability between different systems. Additionally, the inherent lack of trustworthiness that comes with self-identification is certainly a significant obstruction to its practical application. Overcoming these hurdles will be crucial for its widespread implementation.

The Future of Crypto

Cryptocurrencies, blockchain and DeFi represent an exciting frontier in global finance and technology, offering unprecedented opportunities for innovation, accessibility and autonomy. However, their sustainability depends on addressing inherent challenges and should be approached with caution considering past trends wherein massive bubbles in the financial market often burst when oversaturated with interest. 

Meanwhile, as traditional institutions adapt to this new paradigm, the question remains: will DeFi become the dominant financial system, or will it integrate with existing frameworks to create a hybrid future? Emerging technologies could either disrupt or enhance this ecosystem and whether this decentralised world will coexist with traditional banking or replace it entirely remains to be seen. What’s clear is that the way we think about money and finance is evolving, and the journey has only just begun.

Selling the Stache: A Look into the Minds Behind Movember

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Sean Smith

If you’ve been pondering why some of your fellow coursemates’ five o’clock shadows have persisted past the hours of dawn, fear not; Movember is in full swing. As we close out the month of November, you may have noticed many different initiatives around the college community to raise funds for men’s health. Between sea swims at the forty-foot, a moustache before-and-after post of that one society with little indication of said ‘after’ or watching the infamous DUBES fight night, Trinity has its fair share of contributions for the nonprofit. But who is behind the charity we have grown to know and love so well, and what is it like working for an organisation like Movember? Editor-in-Chief Sean Smith spoke with Marketing & Communications Director Aisling Quigley and Irish Country Director Sarah Ouellette to learn more about their roles at Movember Ireland and what goes on behind the mo’.

Background & Mission

Going on its 21st year of operation, Movember is a nonprofit dedicated to bolster men’s health, with mental health and suicide prevention as well as prostate and testicular cancer being of particular focus. What started as a conversation between two friends about the drift of the moustache in men’s fashion over drinks in Melbourne, Australia has now become a global movement, challenging men to grow a moustache to raise funds for these charitable tenants. 30 humble moustaches soon turned to 5 million, with the nonprofit raising $137.2 million AUD in its recent fiscal year. 

Beyond the stache, the heart of Movember’s brand lies in its locality. Commencing operations in Ireland in 2008, fundraising activities possess  a distinctly Irish flair, reaching men at meaningful touchpoints. ‘We have a dedicated community of supporters who have been with us since the day we launched in Ireland, that has been the backbone of our growth.’ says Sarah. ‘Our partnership with the GAA and GPA as well as the work we do with UCD are all impacting Irish men.  What brings it all together is the Movember ethos, brand and straight talking approach which has really resonated in Ireland.’ The team’s core value of ‘Having Fun while Doing Good’ is instilled in Movember’s culture, with a diverse group of individuals committed to putting men’s health in the limelight.

Marketing the Mo’

As with most nonprofits and social enterprises, marketing and branding efforts transcend beyond commercial interests, instead blending purpose with action. Instead of focusing on hitting sales targets, Movember’s product lies in its mission and commitment to men’s health. “This means that we have to be extra thoughtful and sensitive in how we communicate,” Aisling explains. “We’re not just asking people to buy something, we’re inviting them to join a cause and support something deeply meaningful. We’re dealing with potentially life-changing issues like mental health and cancer, so we have to be really mindful about how we engage people, making sure our messaging is always respectful and inclusive.”

Without the resources and budget one would find in a traditional corporate marketing department, Movember leverages its creativity and resourcefulness to shape its branding. With a recent campaign seeing a Movember phone booth on Grafton Street where passerby could share a story about how they are feeling to a public service announcement titled ‘Be a man of more words’, the group succeeds at striking a balance between playfulness and impact. Aisling voiced that “Hearing stories from men who got a physical check-up or opened up about their mental health because of Movember—it’s incredibly moving. Knowing that our campaigns can encourage those life-saving actions makes the hard work worthwhile. A current initiative the group is exploring is esports and gaming; through tournaments and in-game promotion, Movember is promoting men’s health in non-traditional areas of growth.

Day-to-Day: Campaigns & Community

With a lighthearted and meaningful culture, what does a normal day look like for members of the Movember Ireland team? For Aisling and Sarah, focus is drawn on long-term strategy. As Country Director, Sarah explains that her day varies between supporting local work involving media interviews and planning future strategy with their global colleagues in London and Melbourne. “No two days are the same, but most involve working with our fundraising, marketing and programmes teams on the ground here in some capacity,” she exclaims. “There are a lot of late night calls with our global teams due to time zones but I don’t mind!”

For Aisling on the marketing team, sustaining stakeholder engagement while analysing broader market trends are pivotal for her daily work. To remain competitive as a nonprofit, Movember aims to push boundaries with their campaigns, partnering with exciting brands and creating consumer experiences unique to Movember. “Day-to-day, my role is a mix of planning, creating, and responding,” she says. “On any given day, I might be drafting campaign materials, coordinating with our media partners, brainstorming with ambassadors, or handling last-minute details for an event. There’s also a lot of collaboration — whether it’s internally with our team or externally with partners, we’re always working together to keep things moving.” Another area for development has come in the form of advocacy, championing men’s health to the Irish Government in Ireland European Union aligned goals in cancer and mental health.

Advice for Students

For those interested in a career in the nonprofit or social entrepreneurship sphere, the pair shared some insight into breaking into the field. “You need to be truly passionate about the cause you’re supporting,” Aisling remarked. “Non-profit work can be incredibly rewarding, but it also comes with unique challenges, and having a strong connection to your mission will help you stay motivated. Be prepared to wear many hats, be adaptable and stay open to creative solutions. Above all, remember that every little bit of impact counts—it’s all about making a difference, no matter how big or small.”

Joining the nonprofit space does not need to be linear, either. For Sarah, her entrance to her role at Movember came from a tech and media background, which she found beneficial in skill development for her current role. She advised that “having a broad base of skills that include project management, financial acumen and data-led decision making are increasingly what we’re in need of in the sector.”

So whether you are itching for the warm grasp of your razor come the 1st of December or enjoying the Students’ Union guerilla techniques of digital fundraising, it is wonderful to see the Trinity community rally around such a poignant cause. If you want to learn more about Movember and donate to an amazing cause, you can avail of more information here.

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