According to JobsDB’s “2019 Salary Survey Report”, more than 80% (83%) of wage earners in Hong Kong are worried about their financial ability to meet their livelihood after retirement. The first three major concerns are: “increased medical expenses in old age” (64%), “The government has inadequate welfare for the elderly” (53%) and “the inability to afford housing costs” (39%).

This survey of 3,192 job seekers was conducted during the period from mid-March to mid-April this year. It was found that wage earners in Hong Kong aged 36 or above would choose “cannot find a job and earn a living” as their third largest retirement life. Worry, the percentage is over 40%. At the same time, nearly half of the respondents over the age of 50 (49%) have this concern, and 15% of this group feel that the current financial situation is much worse than two years ago, and 22% will also Working part-time/freelance to increase income, the ratio is the highest among all age groups.

In order to save money, more people will reduce the purchase of clothing.

The survey also found that even if they are not nearing retirement, local wage earners will become more and more worried about their financial situation when they start in middle age (40 years old). The 23% of the respondents who pointed out that they were “hand tight” two years ago generally used more (20%) of their income to pay rent or mortgages, only slightly higher than 10% (11%). Income is invested in savings/investment. This salary allocation is just the opposite of those who are more satisfied with their financial situation. The latter will use 13% and 21% of the income in accommodation and savings/investment respectively, which shows that high accommodation costs pose a considerable financial pressure on wage earners.

Faced with rising living costs, the vast majority (86%) of local wage earners will take measures. Most of them (82% of respondents) save money: the first place is clothing and accessories, 54% will reduce the fee in this area; the second is to reduce entertainment / travel (51%); the third place To reduce meals (45%).

Turning to work and seeking salary increase into open source means

However, 67% of the respondents will be more proactive in achieving higher income, and 34% of the respondents will choose to solve the problem through transfer. This is especially true for millennials and wage earners with 3 to 10 years of work experience: 43 to 30 years old, and 43% and 39% of respondents aged 31 to 35, respectively, will choose to switch jobs. To increase income; working for 3 to 5 years, or 6 to 10 years of wage earners, 40% and 42% respectively make this choice. Those wage earners who have switched jobs in the past 12 months are also more confident about their personal financial situation. 49% think it is better than two years ago, and only 43% have not.

In fact, the report also found that wage earners have an appropriate frequency of re-employment, which is about once every three years. The current remuneration can increase by an average of 17% per year compared with the first job ten years ago.

The report recommends that wage earners who are afraid of finding a job and earning a living in the future should take the initiative and plan ahead, maintain the market’s tentacles, continue to improve and broaden their skills, and prepare for the conversion of jobs and even the transition. 

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