FYI

Hong Kong millennials more confident in future than Gen X, finds LinkedIn study

LinkedIn has released a research report that finds that Hong Kong millennials

The announcement:

Hong Kong, 12 August, 2015 – The ‘Affluent Millennial Research’ Study commissioned byLinkedIn, the world’s largest online professional network with 380 million members globally and over 1 million in Hong Kong, found that affluent millennials1 in Hong Kong believe that the ‘Hong Kong Dream’2 (defined as achieving success and prosperity through hard work, determination and initiative) is achievable by their generation and are confident in Hong Kong’s economy. The survey identified millennials’ preferences and behaviors regarding savings and investments as well as their attitudes and beliefs about financial services providers.

Millennials more optimistic than GenX

41% of affluent millennials anticipate another financial crisis in Hong Kong, however, this is not something they worry about – 81% of them are still confident in future economic growth and believe the Hong Kong Dream is achievable, 5% more likely than affluent GenXers. Affluent millennials believe that a successful future depends on the intelligent financial decisions they make today.

Affluent millennials believe there are equal opportunities to achieve success and they aggressively pursue that success by setting ambitious goals for their future. LinkedIn’s research found that affluent millennials are nearly twice as likely to save the majority of their paycheck compared to GenX. While 41% of them still rely on wages, affluent millennials are also looking for alternative ways to build their wealth, such as by selling real estate (31%), from family owned business (22%) and starting their own business (18%). Additionally, affluent millennials are five times more likely than their GenX counterparts to take out a business loan. They’re willing to finance their endeavors by themselves to reach their goals.

Hungry for information to help them make financial decisions

Affluent millennials are social-centric and hungry for educational information as they seek greater control and involvement in their financial decisions. 67% of them view social networks as a must-have, where they use it to:

  • Research people and companies (54%)
  • Discover and follow thought leaders and companies in their industry (50%)
  • Seek information for personal finance or investment decisions (54%)
  • Seek content from financial companies (53%).

Affluent millennials will seek content from financial companies at much higher rates than GenX. They look for peer opinions or commentary about financial markets or events (80% vs 60% GenX), expert commentaries on markets (78% vs 49% GenX) and information about personal investing (75% vs 44% GenX). Further, affluent millennials share articles on finance 13 times more than GenX.

“Our study found that 54% of affluent millennials are becoming more open to financial offerings from traditionally non-financial brands,” said Nellie Chan, Director of Marketing Solutions, South East Asia and North Asia, LinkedIn. “In Hong Kong, millennials account for more than a quarter of the population, and are typically more open-minded and more connected than other groups. Given the growing wealth of affluent millennials, it is important for financial institutions to understand their preferences and aspirations.”

LinkedIn surveyed 9,200 millennials and GenX3 across 10 countries, including 800 individuals in Hong Kong.

1Affluent millennial refers to those living in households with investable assets in excess of HK$800,000 (excluding real estate).

2 The Hong Kong Dream is typically defined as the ideal that every individual should have an equal opportunity to achieve success and prosperity through hard work, determination and initiative.  

3GenX refers to those born 1966 through 1980.

Source: press release

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