A Third Of Hong Kong’s Affluent Young Professionals Are Job-Hunting

Tara Loader Wilkinson

27 June 2012

Thirty per cent of Hong Kong’s top earning young professionals are actively seeking new employment, according to a survey from US lenderCitibank, underlining the city-state's frequently-berated 'recruitment merry-go-round'.

According to the survey conducted in April this year, there are 271,000 high-income youngsters in Hong Kong. The majority of them are highly educated professionals, have been educated or worked abroad and have accumulated liquid assets of more than HK$200,000. Over half have a car and own a property.

But the study on high-income young people in Hong Kong (those aged 25-39 with salaries in the top 20 percentile, or those who possess HK$200,000 in liquid assets) revealed some surprising contradictions about the city-states’ rising stars.

Job prospects

Nearly a third of them are actively looking for new opportunities as most of them feel switching jobs could lead to better salaries. This is by and large the case. In the past five years, 41 per cent received at least 30 per cent salary increase; the percentage increased with the number of jobs changed.

"They hold a responsible attitude towards work and are confident of their ability, and they are not hesitant to ask for better treatment regarding their job," said the survey. Hong Kong's smaller talent pool in respect to its growth ambitions, particularly in financial services, has forced salaries higher and higher in recent years as talented professionals jump from job to job.

However the survey showed that the city's rising stars do not believe money is not everything. Forty-two per cent would sacrifice salary over job titles, with the majority prepared to give up 15 per cent of their salary for a better title.

Two thirds of them found their current job themselves, while a third got the role through a headhunter or a referral. Over half (56 per cent) have switched jobs in the past five years.

Money matters

However when it comes to wealth planning, they are less concerned with the details. Thirty-eight per cent of them check their account balance only once a month or less. Most are not clear of how much they have at bank and could only be certain of the first digit of their account balance. Neither are they entirely sure of how much they earn each month.

Nevertheless, most of them make regular investments which include stocks, funds, FX and insurance. The majority implement controls on personal expenses and they make plans for their future. Ninety-three per cent save regularly.