Study: 46% of HK employees choose travel as a stress-reliever

Travel is one of the major stress-relief activities for many employees in Hong Kong, with 46% of respondents travelling two to three times a year, a study finds.

Standard Chartered Hong Kong commissioned YouGov to conduct a market survey titled “2024 Hong Kong Employees Payroll Survey Report”, involving 847 working Hong Kong residents aged 18 or over, including affluent employees with investable assets of HK$1 million or more, and mass employees with fewer assets.

According to the study, half of the respondents feel overworked, with 46% choosing travel as a stress-reliever when work becomes overwhelming. The figure rises to 59% among affluent employees. Nearly half (46%) of the participants travel two to three times annually, and 13% travel four to six times a year, reflecting a shift away from a traditional work-life balance towards a “Work-Fly balance”.

The survey also highlights the critical role of year-end bonuses in employee’s financial expectations and travel budgets. Considering the high cost of travel, 91% of participants save their year-end bonuses, with 32% allocating these funds for future trips.

Meanwhile, 34% of participants set aside over half their monthly salary for every trip, with 8% spending even more than they earn to afford trips that help them recharge.

However, apart from travelling, financial pressures are apparent. 43% of Hong Kong employees are “living paycheck to paycheck”, with nearly a quarter (23%) of them unable to make ends meet each month. The survey found 62% of mass employees lack passive income streams due to limited funds, investment knowledge, or time.

On the contrary, over 60% of affluent employees are either generating or considering passive income through high-interest savings and stock investments, underlining the importance of passive income for wealth-building.

Moreover, the survey showed that about half of the employees have considered switching their payroll accounts. However, over 20% of the employees are not considering switching despite being dissatisfied with their current payroll account, they are deterred by the complex procedures involved, and are too lazy to compare the offers of payroll accounts from different banks.

Stephen Man, head of wealth and retail banking, Standard Chartered Hong Kong, stated, "The Standard Chartered payroll account is a product that helps us build long-term relations with our clients, allowing customers to enjoy preferential deposit rates, earn Asia Miles, and benefit from exclusive investment offers. As of the end of September this year, the number of new payroll accounts has increased by 26% year-on-year. The ‘Monthly Double Pay Lucky Draw’ offers customers the opportunity to create double pay bonus to satisfy their wishes for it. "

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