Why Hong Kong parents feel pressured to pay for their children's home
A survey of students from earlier this year reveals half of all respondents expect their parents to help them buy a flat
Only 41 per cent of parents said they had started to save money for their children. Most young people in Hong Kong look at buying a property as a life goal, and about half consider their parents duty-bound to help them achieve that dream, according to a survey by the insurer Sun Life Hong Kong.
The insurance giant surveyed 690 parents and 141 students in the city between April and May this year, with the focus on their financial expectations and any differences between the two generations.
Getting onto the city’s property ladder was top of the wish list for 59 per cent of student respondents, with 49 per cent of the respondents expected their parents to lend or give them money.
Hongkongers are too focused on becoming homeowners ... is it worth it?
While only 41 per cent of parents surveyed said they had actually started saving money to help their children buy property, an earlier survey by insurance company AIA found that 70 per cent of parents plan to give their children money for a property in the future.
Samantha Lau, 17, agreed that it is the parents’ responsibility to financially support their children in buying property in the future, and said that the survey reflects the emphasis of family values in Chinese culture.
Talking Points: Should there be a limit to how much property one person can own?
“I know I will feel the same responsibility for my children in the future... [But] I will definitely strive to repay [my parents] and support them during their old age,” said the King George V student.
The Sun Life survey also found that 64 per cent of the parents had saved up money for their children’s education. One-third of students and 43 per cent of parents said they believe the latter should continue to pay for education after graduation from university.
More than half of the students said their parents should help them support their travel plans as well, while 71 per cent of the parents said they had no plans to save money for this cause.
Edited by Nicole Moraleda