Are Hong Kong's Gen Y and Gen X different in money, education and work?
Today's ever-changing environment in Hong Kong has bred a distinct generation - generation Y, or the Millennium or Net Generation. This generation has been playing an increasing part and being an active role in our society. It is crucial to understand this cohort who is the future pillar of our society, in order to narrow the generation gap between the prevalent working generations. By understanding these young adults thoroughly, Hong Kong's future development can be maintained in a more sustainable way. The following paragraphs will outline their unique behaviors regarding money, education and work, and would make a comparison with the previous generation.
Focus 1: Money
Living in such a financial-based city like Hong Kong, local young people, not surprisingly, tend to handle their money in diverse ways. There is a growing consensus among the youngsters that investment is a must to keep track with the economy in Hong Kong.
Stable though the economy is, the inflation has been skyrocketing. Consequently, to maintain the living standard, Generation Y possibly turns to investment which may increase the purchasing power of money. Stocks, insurance and bonds appear to be the most favoured investment product in Hong Kong Millennials, according to research study by Milward Brown(2012). This seems to indicate that they not only rely on savings, but also make money with money in the financial market. Born in this ever-changing society, the twenty-something today feel more comfortable to adapt the changes in life. Perhaps this is the reason why they can bear a higher risk in terms of money, and this makes them eager to put their money in the financial market.
Unlike Generation Y, the previous generation generally adopts a more conservative attitude towards money. Although...