Fewer Hong Kong women saving money, survey finds
Situation even more dire for those earning lower incomes as advocacy groups urge changes in government policies
For most Chinese, saving money is a virtue taught since young, but a recent survey has found that fewer women in Hong Kong routinely set aside “personal money” compared with a decade ago.
From January to March, the non-profit Hong Kong Ladies Dynamic Association conducted a poll of women across the city, receiving 1,193 valid questionnaires; 67 per cent of respondents were married.
A total of 28 per cent said they did not have a habit of amassing personal savings – ‘secret money’ in Cantonese – up from 24 per cent for a similar survey in 2007.
Association chairwoman Susan Lau Kwai-yung said that 63 per cent of those who did not save cited a lack of surplus income, while 32 per cent claimed their income or living allowance was barely enough to meet living expenses.
The situation was even more dire for those earning lower incomes. Only 38 per cent from families whose household income was HK$5,000 or below said they had personal savings – down sharply from 2007’s 65 per cent.
This large drop reflects a deteriorating trend in the living conditions of women from lower-income groups