New research from HSBC reveals that seven out of 10 Gen Zers consider travel an important motivator for work and are starting to invest at a younger age than previous generations.
“Lifestyle preferences and financial needs differ from generation to generation,” said Brian Hui, head of marketing for customer proposition and wealth and personal banking at HSBC Hong Kong. “Nearly half of Gen Z respondents prioritize saving for short-term goals that lead to enjoying life.”
Generation Z, born between 1997 and 2012, “adopts a ‘play hard, work hard’ mindset and tends to enjoy life and live in the moment, but they also seek balance with fun.” They also demonstrate strong financial discipline by taking discretionary spending related to their long-term financial goals, according to the study. The HSBC One 2024 – Decoding Gen Z survey, released on Monday, surveyed Hong Kong and Greater Bay Area adults aged 18 to 34 in June and July to gain insight into their investment and lifestyle priorities. A survey was conducted of 1,253 residents.
According to the survey, 71% of Gen Z say their primary motivation for work is travel, even more than owning a home or starting a family, with some respondents saying, “Purchasing real estate is a “It shows that they like work that feels extraordinary to them and that brings personal value.” I especially enjoy traveling. ”
In the past year, these respondents said they traveled on average three times and spent about HK$35,000 (US$4,504), about 13% of their income.
Gen Z also spends nearly 10% more on entertainment than other generations. But they also save more than that, with HK$6,014, or 28% of their income, saved every month, the highest of any generation, the study found.
