Blame Hong Kong's notoriously high cost of living.
The rising cost of living in Hong Kong has prompted 22% of employees aged 50 and above to work part time or freelance jobs in an effort to augment their income, the highest among age groups according to jobsDB’s 2019 Job Seeker Salary Survey.
The survey from the job portal, responded to by 3,192 job seekers, found that half of the respondents aged 50 and above (49%) said that they "cannot find a job for living" as a concern about retirement, and 15% felt that their financial situations has become more challenging compared to two years ago.
In comparison, only 40% of employees above the age of 36 years old share the same concern.
The study also revealed that over 80% of Hong Kong employees expressed worry about their financial situations post-retirement, citing "increased medical expenses whilst ageing" (64%), "insufficient government welfare for elderly" (53%), and "inability to afford housing expenses" (39%) as their top three concerns.
High accommodation costs caused financial pressure on employees. Those who felt stronger financial pressures than two years ago (23%) spent more on accommodation (20%) than saving/investment (11%). Meanwhile, those who were more satisfied would put more money on saving/investment (21%) than on accommodation (13%).
As a result of rising living costs, eight in ten have been cutting down on expenses like clothes and accessories (54%), entertainment and leisure activities (51%), and eating outside (45%).
Some employees increased their income by job hopping. 67% said they would take initiative to earn more, with 34% doing so through changing jobs.
This is common among millennials (43% aged 26-30 and 39% aged 31-35), with 3 to 10 years of experience (40% with 3-5 years and 42% with 6-10 years).
Among those who changed jobs, 49% felt more comfortable financially, whilst 43% echoed the sentiment from those who did not switch. Job seekers who move jobs around once every three years had a 17% increase in annual pay since their first full-time job 10 years ago.
Hong Kong is considered to have the least affordable housing market, with average home prices 20.9 times the median gross annual household income.
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