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Are Hong Kong’s Gen Y And Gen X Different In Money, Education And Work?

1312 words - 5 pages

Are Hong Kong's Gen Y and Gen X different in money, education and work?IntroductionToday'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: MoneyLiving 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 both generations realize that money is a necessary ingredient for the future, the ways they deal with their personal finance are quite different. Most Generation X prefers constant savings instead of investment. This is, perhaps, because they are under the impression that it would be better to play safe with their money. Investment is, to a certain extent, perceived as uncertainties and risks. And most importantly, the last generation could enjoy fruits of rapid economic growth simply with deposit in the bank in the good old days. With a high-paid interest way, there is no obvious reason for them to pursuit other financial instruments. As a result, Generation X opt for savings rather than investment which could be attributed to the differences in economic conditions and how they see investment.Focus 2: EducationMoney aside, there is also an issue of education. Thanks to advocates of tertiary education in Hong Kong, the number of students entering university or receiving advanced education is on the rise. Seemingly Generation Y are blessed to get an easier access to the higher forms of education, but beneath...

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