Lingnan study finds one quarter of Hong Kong parents expect to provide financial assistance for their adult children to live independently - Seite 2

Over 60 per cent (64%) of all parents surveyed believe that the younger generation faces worse housing opportunities than their generation or their parents' generation. Most parents (62%) do not expect their children to be able to buy a home. 

Asked about the main reasons for increased expectations of parental financial help for adult children, many respondents mentioned the government's inability to provide proper help for the younger generation to live independently (45%), and the unlikeliness that their adult children will achieve independence on their own (25%). A large majority of respondents suggested the government should increase the supply of home ownership scheme (HOS) flats for the younger generation (67%) or relax public rental housing application requirements for them (47%).

Prof Maggie Lau Ka-wai, Research Associate Professor of Institute of Policy Studies of LU, said that the survey results indicate that reliance on family housing support has increased over the last few decades, and is now heavily depended upon for housing mobility in Hong Kong. Sociologically, lack of independent living could translate into a broader social trend of delayed marriage and declining fertility rates, which may have broader implications in Hong Kong's demography and old-age care provisions.

She said this also puts a further financial burden on parents who are approaching retirement or already retired. "Also, the survey shows that resourceful families are more likely to help their children, which may further widen social and housing inequalities for the younger generation."

"Many parents have considered seeking family help as this is one of the very few ways younger people can buy a home. Many parents tend to describe their financial support as the 'entry ticket' to marriage or parenthood, a way out of being 'slaves to mortgages', a 'stepping-stone' to upward mobility or a better life, or the 'last present' or 'life gift' they can offer their children," Prof Lau said.

She suggests the HKSAR Government revise the discount rate and eligibility criteria as well as increasing the supply of Subsidised Home Ownership Scheme flats to rebuild the housing ladder.

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