2 in 5 Gen Zs, Millenials want to ditch their jobs thanks to financial stress

Both millennials and gen Zs in HK want wellness solutions in the workplace.

Generation Z and Millenial workers in Hong Kong highly value financial well-being and mental well-being, yet, 41% often think about leaving their jobs due to the lack thereof.

“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. The findings from our joint study with Endowus reinforce this link, highlighting the urgent need for comprehensive wellness solutions," Theodoric Chew, Co-Founder and Chief Executive Officer of Intellect, said in a press release.

Hong Kong respondents exhibit strong baseline metrics for overall wellbeing, with high levels of Growth Mindset (87%), Resilience (78%), Self-Esteem (85%), and Job Satisfaction (75%), revealed digital wealth platform Endowus. 

In terms of financial preparedness, 60% of respondents feel "very prepared" or "prepared" today, meaning they are confident in their ability to manage life's financial demands both short-term and long-term. 

Additionally, nearly half (48%) of respondents express confidence in the predictability of their primary income source, contributing to their sense of financial preparedness. 

However, only 16% feel proficient in understanding the right type of investments for their financial goals, and just 19% are confident in their ability to build an adequate retirement nest egg. This highlights the need for individuals to adopt a longer-term view on financial planning to stabilise their financial safety net through meaningful wealth accumulation.

The study further revealed that four in five (80%) of Hong Kong respondents agree that being financially prepared helps them be less distracted and more productive at work, and increases their job satisfaction. 

“The power of financial knowledge is especially critical in a challenging environment of protracted financial pressures, with inflation eroding the value of cash and deposits, while the chances of home ownership diminishes more for the next generation,”  Samuel Rhee, Co-Founder and Chairman of Endowus, also said in a press release.

Moreover, 69% are less likely to consider leaving their jobs when their workplaces provide financial support, such as workshops and consulting. Employers play a crucial role in fostering the holistic well-being of their workforce. 

A significant portion of respondents desire greater workplace support through financial wellness workshops (31%), personal finance interest groups (34%), company-endorsed/sponsored retirement investment plans (34%), and financial literacy training sessions (38%). 

This sentiment is particularly strong amongst Millennials, with 38% expressing a preference for financial literacy training.

Additionally, 31% of respondents seek mental wellness workshops from their workplaces, reflecting a growing understanding, especially among Gen Zs and Millennials, of the interconnectedness between mental health and financial well-being. 

Rather than viewing these two dimensions as mutually exclusive, organizations can offer mindfulness training sessions focused on financial stress reduction techniques and provide access to counselling services that address financial anxieties and their impact on mental health.