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The View | Hong Kong’s future depends on companies finding purpose beyond profits
- A hypercompetitive environment, slumping wages, costly housing and more have left Hong Kong youth depressed and despairing over their future
- Firms must put forth rationales and business models that move beyond focusing on profit so we can craft a better life for future generations and inspire hope
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At the beginning of July, I taught my last class of the academic year. For this group of students, this was their last class before graduating and, for many, the final university lecture they would attend. Under normal circumstances, the last lecture would be filled with excitement and anticipation about the future.
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But the Covid-19 pandemic has significantly reset expectations. For many young people, employment prospects are challenging, inequality more pronounced and social connections that form the basis of emotional and mental strength significantly atrophied. Hope has been replaced by angst, uncertainty and worry about the future.
As the pandemic has extended from months to years, its impact is often reduced to a collection of statistics – number of infections, vaccinations rates, death toll and so on. These numbers provide only a partial snapshot of the pandemic’s impact. It will be years before we understand the full magnitude of how it has affected us physically, emotionally, economically and mentally, and the toll on our young people is especially worrying.
Even before the pandemic, many of our young people were not doing well. In a 2016 survey that included university students in Hong Kong, Macau and mainland China, researchers reported that the overall prevalence of depression in their sample was 28.9 per cent.
The prevalence of depression, however, increased to 41 per cent when considering only university students in Hong Kong, significantly higher than their peers in Macau or mainland China. Unfortunately, these numbers were not surprising to me as I have witnessed such pessimism when interacting with my own students.
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Covid-19 is taking a ‘deep toll’ on Hong Kong's mental health, top government adviser Wong Yan-lung
Covid-19 is taking a ‘deep toll’ on Hong Kong's mental health, top government adviser Wong Yan-lung
Much of this pessimism is shaped by the competitive environment young people have faced most of their lives. From primary school, they are encouraged to study diligently to attend a reputable secondary school. In secondary school, they are exhorted to study even more diligently to enter an elite university, which is characterised as a gateway to good employment and a bright future.
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