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Specifically, the study looks at personal factors of mental wellbeing: Growth Mindset, Resilience, Self Esteem as well as workplace wellbeing dimensions of Job Satisfaction and Turnover Intention. These individual and organisational dimensions were derived from Intellect’s Personal Insights Questionnaire (PIQ)1, a proprietary tool developed to quantify personal and workplace wellbeing, and the survey was administered by a third-party research agency [2].
The findings of the study establishes a virtuous, cyclical relationship between high levels of financial wellbeing and personal wellbeing. For instance, 86% of Hong Kong respondents said being financially prepared will help them bounce back more easily from setbacks and challenges, while a corresponding 83% reflected that this cultivated resilience will encourage them to continually improve levels of financial preparedness. High self-esteem begets a stronger sense of financial preparedness, and vice versa.
Diving deeper into the strategies Gen Zs and Millennials plan to adopt to enhance financial preparedness, the report concludes that employers and organisations have a crucial role and responsibility to play in improving employees’ holistic financial and mental resilience, particularly with the business objectives of building a stronger, more resilient workforce by boosting job satisfaction and reducing turnover intention.
Current areas of strengths and weaknesses among Hong Kong’s Gen Zs and Millennials
From the outset, Hong Kong respondents exhibit robust baseline metrics for overall wellbeing: a high percentage of respondents indicated healthy levels of Growth Mindset (87%), Resilience (78%), Self Esteem (85%), and Job Satisfaction (75%). However, a contrasting figure of nearly 2 in 5 respondents (41%) often think about leaving their job, reflecting considerable Turnover Intention.
In terms of financial preparedness, a majority (60%) of Hong Kong respondents feel “very prepared”, “prepared” today. Financial preparedness is defined in the study as the confidence that one is able to financially manage life's demands, both in the short-term and/or long-term.
Despite half of Hong Kong respondents being confident that their income sources are consistent and predictable, comparatively, only 16% cited sufficient levels of investment proficiency to understand the right type of investments for their financial goals. Another 19% were confident in their ability to build an adequate retirement nest egg, highlighting the need for individuals to adopt a longer-term view on their financial planning, to stabilise their financial safety net further with meaningful wealth accumulation.
Samuel Rhee, Co-Founder and Chairman of Endowus, said, "Endowus understands that improving individuals' financial preparedness will strengthen the very fabric of society, by enabling more people to achieve retirement adequacy and avoid longevity risk, that is, not having enough to support their silver years. It was in our name to inclusively democratise institutional endowment-quality investing for all of us — through informed wealth management and greater access to the right resources, we can empower Hongkongers with the knowledge to secure a brighter future for themselves and their loved ones by investing holistically and responsibly. This is why we continue to prioritise financial literacy on all our platforms."
“The power of financial knowledge is especially critical in a challenging environment of protracted financial pressures, with inflation eroding the value of cash and deposits, while the chances of home ownership diminishes more for the next generation. In partnership with Intellect, Endowus is committed to working with forward-thinking organisations to design effective, personalised employee welfare programmes that improve their teams' overall well-being and prepare better for their financial futures."
Financial preparedness and personal wellbeing have a direct impact on workplace outcomes
The study also looks at how the relationship between financial preparedness and personal wellbeing can affect workplace outcomes such as job satisfaction and turnover intent, revealing that over 80% of Hong Kong respondents agreed or strongly agreed that being financially prepared would help them be less distracted and more productive at work, as well as increase their job satisfaction. 69% agreed or strongly agreed that they are less likely to consider leaving their jobs when their workplaces provide support (e.g. workshops, consulting) to help them be financially prepared.
For better workplace outcomes, employers play a crucial role in supporting holistic wellbeing
Given the clear correlation between financial preparedness and workplace outcomes, organisations can benefit from integrating financial wellness into their employee wellbeing, engagement, and retention strategies.
Employers play a crucial role in fostering the holistic well-being of their workforce. A significant 1 in 3 Hong Kong respondents desire greater workplace support through financial wellness workshops (31%), personal finance interest groups (34%), company endorsed/sponsored retirement investment plans (34%), and financial literacy training sessions (38%). This sentiment is echoed particularly strongly among Millennials, with 38% expressing a preference for financial literacy training.
Notably, another 31% of Hong Kong respondents are also looking for their workplaces to offer mental wellness workshops, reflecting a growing understanding among Gen Zs and Millennials on the interconnectedness between mental health and financial wellbeing. Rather than seeing these two dimensions as mutually exclusive, organisations can look to offer mindfulness training sessions focused on financial stress reduction techniques, and provide access to counselling services that specifically address financial anxieties and their impact on mental health.
Collectively, Endowus and Intellect are keen to further study the challenge of financial preparedness and improve their respective services. Both organisations have co-hosted an online seminar to unpack these findings and their implications with over 100 C-suites and HR professionals wanting to build more resilient workforces. We are also exploring deeper case studies with financial institutions to identify the efficacy of more targeted financial wellness assistance and intervention for employees through our corporate benefits financial wellness program.
Theodoric Chew, Co-Founder and Chief Executive Officer of Intellect, said, “Research consistently demonstrates the deep interconnection between financial well-being and mental well-being, with financial stress often leading to anxiety and reduced mental health. The findings from our joint study with Endowus reinforce this link, highlighting the urgent need for comprehensive wellness solutions."
“At Intellect, we have launched mental and financial wellness workshops, coaching, and platform content to address these challenges. By integrating these initiatives into their well-being strategies, employers can better support their employees to thrive in the workplace, resulting in higher job satisfaction and lower turnover rates. We look forward to exploring avenues with Endowus on these crucial initiatives.”
For more insights, the full Endowus x Intellect Wealth & Wellbeing Report can be downloaded here.
[1] Intellect’s Personal Insights Questionnaire, also known as Intellect Dimensions, is a 26-item holistic wellbeing questionnaire developed by subject matter experts at Intellect. On average, users respond to the questionnaire every 18-21 days to monitor their journey within the platform. A summary report is provided to users, based on 13 personal factors derived from the aggregation of Intellect Dimensions item scores. Intellect Dimensions empowers users to become more aware of their personal and workplace mental health, to take proactive steps to improve their wellbeing, and to track the progress of their user and coaching journey.
[2] Endowus and Intellect engaged Milieu Insight to conduct the study from May to June 2024, surveying 1,000 respondents across Singapore and Hong Kong (n=500 in each market). Surveyed respondents ranged from Gen Z (23 – 27 years old) to Millennials (28 – 43 years old) who are currently employed, with an even split between genders. 95% of total respondents are in white collar professions.
Milieu Insight, one of Singapore's top marketing research agencies, uses digital survey tools and workplace engagement surveys to guide companies in making informed decisions.
