Gen Z and millennial workers in Hong Kong frequently think about leaving their jobs, with most saying better financial support would help improve job satisfaction and productivity, according to a recent report, which showed a strong link between financial and mental well-being.
More than 80 per cent of workers believe being financially prepared would help them be less distracted and more productive at work, according to a recent report by mental health and well-being support platform Intellect, and Singaporean digital wealth platform Endowus.
Financial stress often leads to anxiety, highlighting the importance of greater workplace support for young professionals, the report showed.
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“Employers and organisations have a crucial role and responsibility to play in improving employees’ holistic financial and mental resilience, particularly with the business objectives of building a stronger, more resilient workforce by boosting job satisfaction and reducing turnover intention,” the report said.
More than two-thirds agree that they are less likely to consider leaving their jobs when their workplaces provide support to help them be financially prepared.
The survey included 1,000 millennial and Gen Z workers across Hong Kong and Singapore and looked into the correlation between financial preparedness and mental well-being.
A high percentage of Hong Kong respondents exhibited healthy levels of growth mindset, resilience, self esteem and job satisfaction. Yet, 41 per cent often think about leaving their job, reflecting considerable turnover intention.
“Research consistently demonstrates the deep interconnection between financial well-being and mental well-being, with financial stress often leading to anxiety and reduced mental health,” said Theodoric Chew, co-founder and CEO of Intellect.
“By integrating [mental and financial wellness] initiatives into their well-being strategies, employers can better support their employees to thrive in the workplace, resulting in higher job satisfaction and lower turnover rates,” he added.
In terms of financial preparedness, 60 per cent of Hong Kong respondents feel “very prepared” or “prepared” that they are able to financially manage life’s demands, both in the short-term and long-term.
However, only 16 per cent cited sufficient levels of investment proficiency to understand the right type of investments for their financial goals. Another 19 per cent of respondents were confident in their ability to build an adequate retirement nest egg, reflecting a need for longer-term financial planning support.
“With inflation eroding the value of cash and deposits, the chances of home ownership diminish more for the next generation,” said Samuel Rhee, co-founder and chairman of Endowus. “The power of financial knowledge is especially critical in a challenging environment of protracted financial pressures.”
Founded in 2017, Endowus is licensed in both Hong Kong and Singapore. The digital, independent wealth and fund platform offers a range of services to retail, high-net-worth and family office clients.
The report found one in three Hong Kong respondents desire greater workplace support through financial wellness workshops, personal finance interest groups, company endorsed or sponsored retirement investment plans and financial literacy training sessions. This sentiment was echoed particularly strongly among millennials, with 38 per cent expressing a preference for financial literacy training.
Notably, another 30 per cent of Hong Kong respondents are also looking for their workplaces to offer mental wellness workshops, reflecting a growing understanding among Gen Zs and millennials on the interconnectedness between mental health and financial well-being.
More from South China Morning Post:
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