Hong Kong needs to diversify economy and capitalise on technology trend to help young people, study says
Researchers say the city is too reliant on real estate and finance and this has contributed to downward social mobility among young people
More young Hongkongers are grappling with downward social mobility, taking lower-paid jobs and finding themselves unable to afford a home as property prices soar but their earnings growth slows, a Legislative Council study has found.
Researchers believe that a narrow economy, which has been relying mainly on the real estate and finance sectors for the past three decades, has led to "restrained earnings growth and social mobility".
They propose that the government capitalise on the current global trend of technology and innovation and restructure the city's economy by developing creative industries and investing more in vocational training and research and development.
The study, which was released yesterday, found that 34 per cent of employed young people aged between 15 and 24 had taken lower paid service and sales jobs in 2011, compared with 21 per cent in 1991.
"Today's young generation have been raised in a better environment and are better educated," the researchers said in the report. "They have heightened expectations for career and life."
The median monthly earnings of service and sales workers was HK$9,880 in 2013.