In a city driven by money as much as ours, the assumption would be that the economic downturn that is savaging share portfolios and company profits is making everyone gloomy. There is no doubt that many executives, investors and those who have lost or fear losing their jobs are feeling down. But as the annual Lingnan University happiness index shows, all is not as it seems. Despite the crisis, Hong Kong people surveyed were generally more upbeat than during last year's financial upswing.
The overall figure of 69.3 per cent happiness, 2.1 per cent more than last year, is perhaps a little deceptive. Research was carried out last month when the economic climate was a little brighter than it is now. If, as many economists predict, the meltdown hits harder and there are substantially more company closures and job losses, the index would presumably be markedly lower. Middle-class people were more downbeat than they were last year, and perhaps rightly so given that their investments had already taken a battering. But the phone study is carried out randomly, and considerably more families from lower-income groups were sampled this time; having few or no investments and with many having received pay rises earlier this year, they had less to be dispirited about.
Only 823 people were spoken to, so it would be wrong to assume that the study is highly representative of our city. Nonetheless, as it shows, just because the stock markets are in turmoil and banks and investment houses and some long-standing businesses are laying off staff does not mean that everyone in the community has a sad face. It would also be good to consider previous surveys done elsewhere in the world, which show that in industrialised and developed nations, happiness and wealth do not go hand-in-hand. Psychological well-being and satisfaction with life have a lot to do with friends, family and the community, health, the quality of the environment - and so the list of economically unrelated matters goes on.
Hong Kong is a regional financial centre at the crossroads of the world's most dynamic economy and global markets; money makes our city go round. The interconnection makes it inevitable that our circumstances will track those elsewhere. We must remember, though, that there is more to life than material riches and bulging bank accounts. Families and communities working together can weather the worst storm. There is reason to remain cheerful and positive despite the economic gloom.
