Half of Hong Kong adults belong to the “Sandwich Generation”
Personal relationships are under financial strain, while housing and living arrangements are of major concern to Hong Kong people according to the 2017 Prudential Relationship Index, recently announced by Prudential Hong Kong Limited. The findings highlight a need for more fulfilling relationships and comprehensive financial planning for the people in the city.
The Prudential Relationship Index explores how relationships measure against people’s needs and expectations. In the 2017 findings, Hong Kong records a Prudential Relationship Index score of 64 out of 100, representing a six-point rise in relationship satisfaction year-on-year, but also indicating that Hong Kong people are the second-least satisfied among the surveyed markets in Asia in terms of relationship fulfillment.
Among the findings, the Prudential Relationship Index highlights Hong Kong’s “Sandwich Generation” and the significant contrast between the need for them to feed their family and their expectation to be fed in old age. The study also shows that housing and living arrangements often lead to tension between couples and constitute a major cause for arguments.
The 2017 Prudential Relationship Index provides strong proof points to the presence of a “Sandwich Generation” in Hong Kong – adults who currently provide day-to-day financial support to both their parents and children, despite not expecting the same in return.
Almost three in four adults (73%) support their parents’ daily expenses, while 50% of Hong Kong parents give money to their children on a weekly basis. Despite these family responsibilities, only 19% of adults expect to rely on their children for financial support in their old age – lowest in Asia.
Living arrangements are also a significant stress for relationships in the city according to the latest PRI findings – 62% of unmarried adults and 17% of married couples in Hong Kong live with their own parents or parents-in-law.
According to the 2017 Prudential Relationship Index, 41% of adults and more than half of unmarried couples (53%) cite buying an apartment or flat as a key financial goal.
Housing arrangements have a clear impact on relationships in Hong Kong. While 23% of Hong Kong couples argue about their living situation, the figure increases to 26% among those who live with their parents.