Over half of Hong Kong employees are struggling or at risk financially: survey
- The survey, which polled 1,000 employees in both medium and large private sectors, found more than a third were living paycheck to paycheck
Young Hongkongers are struggling to make ends meet and many employees are living paycheck to paycheck which is posing a risk to their mental health, according to a survey by advisory firm WTW.
The survey polled 1,000 employees in both medium and large private sectors during the period January to March 2024 and found more than half the respondents considered themselves at risk or struggling financially, while more than a third said they were living paycheck to paycheck.
Financial stress is also weighing on the mental health of employees, with 63 per cent of those surveyed saying their mental health was being impacted by financial worries.
“High inflation combined with the aftermath of a once-in-a-generation pandemic is still causing many employees to feel overwhelmed,” said Eric Lam, the head of health and benefits at WTW Hong Kong and Macau.
“[Hongkongers are] discouraged about their financial situation, which is affecting overall well-being.”
Some 28 per cent reported increased anxiety and stress due to their financial situation, which was further impacting their engagement and productivity at work, as well as their emotional health.
The survey also found that workers felt a lack of confidence in their economic situation for the coming year, with nearly a third reporting they expected their financial situation to deteriorate over the next 12 months.
