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Teenagers and Money (a survey from the “Rich Kid, Poor Kid” programme)

Presented by: Susanna Chiu Date: 22 June 2005. Teenagers and Money (a survey from the “Rich Kid, Poor Kid” programme). Table of Contents. Section 1: Context of the study 1.1 Objectives 4 1.2 Methodology 5 1.3 Sample Profile 6-7

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Teenagers and Money (a survey from the “Rich Kid, Poor Kid” programme)

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  1. Presented by: Susanna Chiu Date: 22 June 2005 Teenagers and Money (a survey from the “Rich Kid, Poor Kid” programme)

  2. Table of Contents • Section 1: Context of the study 1.1 Objectives 4 1.2 Methodology 5 1.3 Sample Profile 6-7 • Section 2: Executive Summary 8-10 • Section 3: Attitudes to wealth and money summary 12-13 3.1 General attitudes charts 14-18 3.2 Expectations of future prosperity charts 19-21 3.3 HK$10,000 windfall charts 22-24 3.4 Sources of financial advice charts 25-27 • Section 4: Expectations of wealth and income summary 29-30 4.1 Amount of money needed to be wealthy charts 31-32 4.2 Age when believe will be wealthy charts 33-34 4.3 Monthly salary needed to be comfortable charts 35-36 4.4 Age anticipate earning comfortable salary charts 37-38 4.6 Hours willing to work to earn comfortable salary charts 39-40 • Section 5: Spending and saving patterns summary 42-43 5.1 Sources of money charts 44-46 5.2 Mean monthly income from all sources charts 47-50 5.3 Proportion of income from each source charts 51-53 5.4 Spending and saving patterns charts 54-59 5.5 Summary of income and expenditure charts 60 5.6 Extrapolations to HK economy charts 61 • Section 6: Credit cards summary 63 6.1Credit card ownership charts 64 • Section 7: Tertiary education and employment summary 66 7.1 Proportion wanting to go to university 67 7.2 Preferred Occupation 68-70 • Appendix: Questionnaire 72-74

  3. Section 1: Context of study

  4. 1.1 Objectives • In May 2005, the Hong Kong Institute of Certified Public Accountants commissioned Market Insights Group to undertake a study of Hong Kong youth’s attitudes to money. The objectives of the study were: • To obtain data about 15 to 18 years olds and their money - where they get their money and what they do with it, where they obtain advice, how they use credit cards, how much do they spend versus save. • To understand attitudes to money, how important it is, their expectations on future earnings, how much money they believe they need to be wealthy. • To determine the importance of money relative to other aspects of life. For example, how important is money relative to such things as having time for leisure and personal pursuits, family, what is the meaning of money, etc. • This presentation provides charted results of the research study.

  5. 1.2 Methodology • A total of n=400 surveys were undertaken in Hong Kong between May 25 and June 5. The maximum sampling error associated with this sample size is + 4.9% at the 95% confidence interval. That is, our sample can be taken as a true estimate of population with a margin of error of + / - 4.9%. • Interviews were undertaken face to face amongst a sample of 15 to 18 year old Hong Kong Chinese youths. The sample was stratified so that 50% of respondents were aged 15 to 16 years (n=200) and 50% were aged 17 – 18 years (n=200). Respondents were advised that the study was being undertaken on behalf of the Institute. Half were male, half female. • The sample data was post-weighted to Hong Kong Census and Statistics Department age and sex statistics 2004 provisional data to be representative of the population of 15 to 18 year olds in Hong Kong. • Professional Market Insights Group interviewers intercepted respondents at various locations throughout Hong Kong Island, Kowloon and the New Territories and requested their participation in the survey, which was then undertaken on the spot. The survey duration varied between 8 and 10 minutes. • Data was collected across the following locations: • Hong Kong Island (n= 80) Causeway Bay, Wanchai, Aberdeen, • Kowloon (n= 120), Mong Kok, Kwun Tong, Tsim Sha Tsui, Wong Tai Sin, • New Territories (n=200), Shatin, Tao Po, Sheung Shui, Tsuen Wan, Tuen Mun, Yuen Long, Tseung Kwan O.

  6. 1.3 Sample profile – age and gender Unweighted Weighted

  7. 1.4 Sample profile – Family situation

  8. Section 2: Executive summary

  9. 2.0 Summary of key findings in the survey • At this stage of their lives, 15 – 18 year olds are happy to spend time doing what they want to do rather than earning money.  However, most wish they were better at saving money, particularly females and the majority agree money is important to them right now.  Whilst they feel it is important for young people to work, relatively few (18%) are actually working right now.  More than three quarters agree it is okay to rely on their parents for money at their age.  • Looking to the future, most 15 – 18 years olds want to attend university (89%) and their most likely desired profession on entering the workforce is in ‘tourism and hospitality’ (15%), particularly for females. • Around half say they enjoy saving money more than spending it, and indeed, most (74%) are putting away some money each month.  On average, 24% of mean income is being saved, with the rest spent mostly on entertainment, clothes and goods.  There is practically no investment in the stock market amongst people this age in Hong Kong.  Most of the average $325 saved each month is simply for a rainy day or saving for a specific item. • Only half feel they are good at managing their money, and a similar proportion tend to spend money without thinking about their finances. This perhaps points towards an opportunity for enhanced education and financial advice.  They mostly turn to parents for advice, although older teens are more willing to ask their friends. Relatively few (18%) seek financial counsel from their school.

  10. 2.0 Summary of key findings in the survey • The mean income of 15 - 18 year olds in Hong Kong is $1,356, with the majority (95%) relying on parents for their cash.  Parents, on average, give their teens an allowance of $924 each month – males receive more on average than females.  The 18% of respondents working part-time or full-time have an additional $2,704 to spend each month.   The bad news for parents, despite their generosity, is that only 1% said they would give a $10k windfall to their parents in full (60% said they would give some to their parents).  Encouragingly, almost three quarters of teens (73%) said they would save at least some for the future, although the same amount said they would also spend some on entertainment and having a good time.  Less than one in five said they would give any of the money to charity. • Hong Kong teens are generally optimistic.  Most teens (58%) believe Hong Kong will have a more prosperous future, although around 1 in 10 feel it will be less prosperous.  Females tend to be more optimistic than males.  The average amount considered necessary to be considered wealthy is $10.9 million and four in five believe they will grow wealthy with around a third believing they will be wealthy by the age of 36.  This is significant given that around three quarters agree it is important to earn a lot of money to be happy in life.   • More pragmatically, the average monthly salary that teens think is needed to be comfortable is just under $20,000 and almost all believe they will attain that income, by the time they are 27 years old.  Consistent with Hong Kong's reputation as a hard working city, the next generation of workers is willing to work 48 hours a week on average just to be comfortable.

  11. Section 3: Attitudes to wealth and money

  12. 3.0 Summary of attitudes to money (1) • Most 15 – 18 year olds believe money is important to them right now (82% agree, 21% strongly, 18% disagree). Just under three quarters (73%) also agree that it is important to earn a lot of money to be happy in life). This life-view is consistent with optimism about their future wealth – with 75% believing they will be wealthy when they are older. • A third ‘strongly agree’ that they wish they were better at saving money and 90% in total indicate they wish they were better at saving money. This sentiment is strongest amongst females (94% agree). However, this desire conflicts with a belief that they’d rather spend time doing things they want rather even if it means having less money (85% agreed with this, 25% strongly). • Such conflicts are also evident in how money is obtained. Whilst 82% believe it is important for young people to work (29% strongly), a similar proportion, 79% also believe it is okay to rely on parents for money at their age. • Teens tend to fall into two camps – spenders and savers. Savers, who agree they enjoy saving money more than spending it (47%), tend to be older (17 – 18 years) are more likely to believe they are good at managing their money and that it is important for young people to work. Those who enjoy spending more than saving on the other hand, agree they tend to spend money without thinking about it and spend time doing the things they want, even if it means less money. • As teens enter their matriculation year (17 – 18 years old), their attitudes change – they agree more strongly that it is important for young people to work, are more likely to agree they are better at managing their money, and are less likely to agree they spend money without thinking of their finances. 17 – 18 year olds are less agree that relying on parents for money is okay compared to 15 – 16 year olds.

  13. 3.0 Summary of attitudes to money (2) • The majority of 15 – 18 year olds are optimistic about Hong Kong’s future prosperity. Forty-nine percent believe that Hong Kong will be somewhat more prosperous in the future and 10% believe Hong Kong will be much more prosperous in the future (net agree 59%). • Those who are pessimistic about Hong Kong’s future prosperity (14%) are more likely to be male (19%) and have lower average monthly incomes ($1,062 versus $1,485 amongst those who are optimistic). • Respondents were asked what they would do with a $10,000 windfall. Relatively few (13%) would spend it on any one thing only (5% only said they would save all of it for the future and 4% said they would invest it all in the stock market). Around three quarters would spend at least some on entertainment / having a good time (72%). Three out of five (60%) would give some to the parents, but only 1% said they would give it all to their parents. Three in five also said they would spend some on an item they always wanted. Relatively few (33%) said they would spend some on a holiday and even less (20%) said they would donate some or all of the money to charity. Older teens (17 – 18 year olds) were more likely to say they would save some of the money for the future (84%) than those aged 15 – 16 years (72% would save at least some of it). • Most youths get their financial advice from parents (75%) and around a third (36%) also get advice from their friends. Relatively few seek advice from a source at school (18%). Older teens (17 – 18 years) are more likely to obtain advice from their friends (44%) than are teens aged 15 – 16 years (28%).

  14. 3.1.1 General attitudes to money and wealth (1) Q1a. First of all, I would like to find out your opinions about money, life and wellbeing? I will read out a statement and I would like you to tell me if you agree or disagree with it. First, do you agree or disagree with that…READ OUT STATEMENT [ROTATE LIST]. Is that strongly agree/disagree or somewhat agree/disagree? Base: All respondents (n=400)

  15. 3.1.1 General attitudes to money and wealth (2) Q1a. First of all, I would like to find out your opinions about money, life and wellbeing? I will read out a statement and I would like you to tell me if you agree or disagree with it. First, do you agree or disagree with that…READ OUT STATEMENT [ROTATE LIST]. Is that strongly agree/disagree or somewhat agree/disagree? Base: All respondents (n=400)

  16. 3.1.2 General attitudes to money Net agree / disagree by statement Q1a. First of all, I would like to find out your opinions about money, life and wellbeing? I will read out a statement and I would like you to tell me if you agree or disagree with it. First, do you agree or disagree with that…READ OUT STATEMENT [ROTATE LIST]. Is that strongly agree/disagree or somewhat agree/disagree? Base: All respondents (n=400)

  17. Sig. different @ 95% confidence interval 3.1.3 Net agreement (males vs females) Q1a. First of all, I would like to find out your opinions about money, life and wellbeing? I will read out a statement and I would like you to tell me if you agree or disagree with it. First, do you agree or disagree with that…READ OUT STATEMENT [ROTATE LIST]. Is that strongly agree/disagree or somewhat agree/disagree? Base: All respondents (n=400)

  18. Sig. different @ 95% confidence interval 3.1.4 Net agreement (by age) Q1a. First of all, I would like to find out your opinions about money, life and wellbeing? I will read out a statement and I would like you to tell me if you agree or disagree with it. First, do you agree or disagree with that…READ OUT STATEMENT [ROTATE LIST]. Is that strongly agree/disagree or somewhat agree/disagree? Base: All respondents (n=400)

  19. 3.2.1 Attitudes towards Hong Kong’s future prosperity Base: All respondents (n=400) Q2. Which of the following best describes how you feel about Hong Kong’s future prosperity for people who will live and work in Hong Kong? Hong Kong will be much less prosperous in the future Hong Kong will be somewhat less prosperous in the future Hong Kong will have the same level of future prosperity as today Hong Kong will somewhat more prosperous in the future Hong Kong will be much more prosperous in the future than today Don’t know / Refused

  20. Sig. different @ 95% confidence interval 3.2.2 Attitudes towards Hong Kong’s future prosperity (by gender) Base: All respondents (n=400) Q2. Which of the following best describes how you feel about Hong Kong’s future prosperity for people who will live and work in Hong Kong? Hong Kong will be much less prosperous in the future Hong Kong will be somewhat less prosperous in the future Hong Kong will have the same level of future prosperity as today Hong Kong will somewhat more prosperous in the future Hong Kong will be much more prosperous in the future than today Don’t know / Refused

  21. Sig. different @ 95% confidence interval 3.2.3 Attitudes towards Hong Kong’s future prosperity (by age) Base: All respondents (n=400) Q2. Which of the following best describes how you feel about Hong Kong’s future prosperity for people who will live and work in Hong Kong? Hong Kong will be much less prosperous in the future Hong Kong will be somewhat less prosperous in the future Hong Kong will have the same level of future prosperity as today Hong Kong will somewhat more prosperous in the future Hong Kong will be much more prosperous in the future than today Don’t know / Refused

  22. 3.3.1 What they’d do with a HK$10,000 windfall Base: All respondents (n=400) Multiple response Q10a. If someone gave you HK$10,000 to spend as you liked on anything, which of the following things would you do with the money. READ OUT, MULTIPLE RESPONSE

  23. Sig. different @ 95% confidence interval 3.3.2 What they’d do with a HK$10,000 windfall (males vs females) Base: All respondents (n=400) Multiple response Q10a. If someone gave you HK$10,000 to spend as you liked on anything, which of the following things would you do with the money. READ OUT, MULTIPLE RESPONSE

  24. Sig. different @ 95% confidence interval 3.3.3 What they’d do with a HK$10,000 windfall (by age) Base: All respondents (n=400) Multiple response Q10a. If someone gave you HK$10,000 to spend as you liked on anything, which of the following things would you do with the money. READ OUT, MULTIPLE RESPONSE

  25. 3.4.1 Sources of financial advice Multiple response Q3. Where do you get advice about money and how to manage it? DO NOT READ OUT Base: All respondents (n=400)

  26. Sig. different @ 95% confidence interval 3.4.2 Sources of financial advice (by gender) Multiple response Q3. Where do you get advice about money and how to manage it? DO NOT READ OUT Base: All respondents (n=400)

  27. Sig. different @ 95% confidence interval 3.4.3 Sources of financial advice (by age) Multiple response Q3. Where do you get advice about money and how to manage it? DO NOT READ OUT Base: All respondents (n=400)

  28. Section 4: Expectations of Wealth and income

  29. 4.0 Summary of expectations of wealth and income (1) • Overall, there is great variation in the perceived amount that people need to be wealthy, with the amount ranging from ten thousand to 10 billion Hong Kong dollars. On average, 15 – 18 year olds believe that $10.85 million is needed to be considered rich, although the most commonly cited amount is much lower, $1,000,000. Forty one percent believe more than this amount is required and 14% said at least $10 million is the requisite figure. • Males believe more is required than females ($12.8 million vs. $8.7million) • 17-18 year olds believe more is required than 15-16 year olds ($12.6 million vs. $9.0 million) • Consistent with their overall level of optimism, 86% of the sample believed they will achieve ‘wealth’. The mean age they believe wealthy will be obtained is 36 years. Two thirds believe they will be wealthy (according to their own definition) by the time they are 44 years. An even more optimistic minority of 14% believe they will become wealthy before they turn 25 years of age. • Males believe, an average, that it will take them longer to become wealthy than females (37 years vs. 34 years). This is consistent with their view that more money is needed to be wealthy. • Similarly, older respondents, set their expectations back a little compared to 15 – 16 year olds, believing on average that they will 38 years old when they become wealthy, vs. 34 years for the younger group. It is interesting that an additional two years of life results in an additional 4 years of perceived time needed to become wealthy. One presumes that this resetting of expectations increases with age!

  30. 4.0 Summary of expectations of wealth and income (2) • Respondents were also asked what monthly salary they thought would be necessary to be considered comfortable. It is apparent that teens are both more consistent in their views and more pragmatic when it comes to earning a monthly salary compared to their views on achieving wealth. The average salary thought needed to be comfortable was $19,200 a month. The most commonly cited figure was $20,000 a month. This compares to the current Hong Kong average monthly earnings from the 2001 census of $18,705. • Older respondents (aged 17 – 18 years) set their sights higher than 15 – 16 year olds. The mean salary to be comfortable amongst the former group was $22,100 compared to $19,200 amongst the latter. • Males had slightly higher perceptions of what constitutes a comfortable sales than females, although this result was not a statistically significant difference ($21,900 vs. $19,200). • Nearly all respondents believed that they would earn a comfortable salary (98%). Around half (51%) believe they will earn this salary by the age of 25 years and the mean age that teens think they will earn a ‘comfortable’ salary is 27 years. The most commonly cited age was 25 years. • Respondents were also asked to indicate how many hours they would be willing to work to earn a ‘comfortable’ wage. Consistent with Hong Kong’s renowned work ethic, 71% percent of respondents were willing to work at least 40 hours, and the mean number of hours was 48. One quarter said they would work more than 50 hours to earn a ‘comfortable salary’. These views were consistent amongst males and females and in both age categories.

  31. 4.1.1 Amount of money needed to be wealthy Mean HK$10.85 million* Median HK$1.5 million Mode HK$1.0 million * Note 3 outlying cases removed in calculation of mean (exceeded HK$500,000,000). Q4a. How much money do you think you would need to be considered rich? IF UNSURE, ASK FOR BEST ESTIMATE [ ] enter best estimate (HK$) 1 Don’t know 97 Refused 99 Base: All respondents (n=400)

  32. Sig. different @ 95% confidence interval 4.1.2 Amount of money needed to be wealthy (by gender and age) Base: All respondents (n=400) Q4a. How much money do you think you would need to be considered rich? IF UNSURE, ASK FOR BEST ESTIMATE [ ] enter best estimate (HK$) 1 Don’t know 97 Refused 99 Base: All respondents (n=400)

  33. 4.2.1 Age think will achieve wealthy status Mean 36 years Median 35 years Mode 30 years Base: All respondents (n=400) Q4b. Do you think you will be that rich one day? IF YES, how old do you think you will be when you are that wealthy? IF UNSURE, ASK FOR BEST ESTIMATE. [ ] years of age 1 Don’t know 97 Won’t ever be that wealthy 98 Refused 99

  34. Sig. different @ 95% confidence interval 4.2.2 Age think will achieve wealthy status (by gender and age) Base: All respondents (n=400) Q4b. Do you think you will be that rich one day? IF YES, how old do you think you will be when you are that wealthy? IF UNSURE, ASK FOR BEST ESTIMATE. [ ] years of age 1 Don’t know 97 Won’t ever be that wealthy 98 Refused 99

  35. 4.3.1 Monthly salary needed to be comfortable Mean HK$19.2k per month Median HK$20k per month Mode HK$20k per month Base: All respondents (n=400) Q5a. What monthly salary do you think would make you comfortable? IF UNSURE, ASK FOR BEST ESTIMATE [ ] enter best estimate (HK$) 1 Don’t know 97 Refused 99 Base: All respondents (n=400)

  36. Sig. different @ 95% confidence interval 4.3.2 Monthly salary needed to be comfortable (by gender and age) Base: All respondents (n=400) Q5a. What monthly salary do you think would make you comfortable? IF UNSURE, ASK FOR BEST ESTIMATE [ ] enter best estimate (HK$) 1 Don’t know 97 Refused 99 Base: All respondents (n=400)

  37. 4.4.1 Age expect will earn comfortable salary Mean 26.7 years Median 25.0 years Mode 25 years Base: All respondents (n=400) Q4b. Do you think you will earn that salary one day? IF YES, how old do you think you will be when you earn that salary? IF UNSURE, ASK FOR BEST ESTIMATE. [ ] years of age 1 Don’t know 97 Won’t ever be that wealthy 98 Refused 99

  38. Sig. different @ 95% confidence interval 4.4.2 Age expect will earn comfortable salary (by gender and age) Base: All respondents (n=400) Q4b. Do you think you will earn that salary one day? IF YES, how old do you think you will be when you earn that salary? IF UNSURE, ASK FOR BEST ESTIMATE. [ ] years of age 1 Don’t know 97 Won’t ever be that wealthy 98 Refused 99

  39. 4.5.1 Hours willing to work to earn a comfortable salary Base: believe will earn comfortable salary (n=392) * Cumulative percentage is proportion willing to work at least that minimum of hour range to earn comfortable salary Mean 48 hours Median 48 hours Mode 48 hours Q5c. How many hours a week would you be willing to work to earn this much money? IF NECESSARY, ASK FOR BEST ESTIMATE [ ] hours 1 Don’t know 97 Refused 99

  40. Sig. different @ 95% confidence interval 4.5.2 Hours willing to work to earn salary (by gender and age) Base: All respondents (n=400) Q5c. How many hours a week would you be willing to work to earn this much money? IF NECESSARY, ASK FOR BEST ESTIMATE [ ] hours 1 Don’t know 97 Refused 99

  41. Section 5: Spending and saving patterns

  42. 5.0.1 Summary of income and income sources • Almost all respondents received money from their parents or other family members (95%). Eighteen percent are working, either part time (14%) or full-time (3%). Seven percent cited drawing on ‘savings’ as a source of money. Females are more likely than males to obtain money from working (23% vs 13% for males). As would be expected, 17 – 18 year olds are more likely to receive money from working part-time (24%) or full-time than 15 – 16 year olds (5% and 0% respectively). Ninety-nine percent of 15 – 16 year olds receive money from their parents, versus 89% of 17 – 18 year olds. • The mean monthly income from all sources was $1,359. The most commonly cited monthly income was $1,000. 17 – 18 year olds have more monthly income than 15 – 16 year olds ($1,742 vs. $977). Although males and females have similar mean monthly incomes ($1,323 vs $1,396), males receive more on average from their parents than females ($979 vs. $867). Parents also give higher allowances on average to dependents aged 17 – 18 years ($1,014) than those aged 15 – 16 years $842. • Across the board, 88% of income amongst this age group is sourced from parents and 12% from employment. The proportion of income derived from work is higher amongst 17 – 18 year olds (22%) than 15 – 16 year olds (4%).

  43. 5.0.2 Summary of spending and saving patterns • Three quarters (74%) of 15 – 18 year olds save some of their money each month. On average, the proportion saved is 24% of total income or $325. The proportion saving more than 50% of their income is only 24% and around a third (32%) save less than 20% of their income. • The savings patterns are very consistent by gender and age. Given that income rises substantially with age, the conclusion is that spending and saving both rise proportionally. Put another way, additional income does is not automatically saved. • Around half of income (49% or $663) is spent on entertainment/having a good time and only 7% ($95) on purchase of goods. Only 1% of income on average is spent on investments (stocks and shares), reflecting the small number who direct money this way at all. • There are some differences in spending by gender. Males spend comparatively more of their income on purchase of goods than females (10% vs 4%). By comparison, females spend around twice as much as males on clothes (23% of their income compared to 12% amongst males). • Spending patterns do not differ appreciably by age. • Of the 24% saved on average, most appears to be habitual - 47% of savings is simply for ‘a rainy day/nothing in particular’. The next greatest proportion is reserved for purchase of a specific thing (31%). Only 12% of average savings is being directed towards education, 10% towards travel. Motivations for savings are consistent between males and females

  44. 5.1.1 Sources of money 14.4% + 3.3% ~ Net 18% work Base: All respondents (n=400) Multiple response Q6. Where do you get your money now? Base: All respondents (n=400)

  45. Sig. different @ 95% confidence interval 5.1.2 Sources of money (by gender) Males net work = 13% Females net work = 23% Base: All respondents (n=400) Multiple response Q6. Where do you get your money now? Base: All respondents (n=400)

  46. Sig. different @ 95% confidence interval 5.1.3 Sources of money (by age) Base: All respondents (n=400) Multiple response Q6. Where do you get your money now?

  47. 5.2.1 Mean monthly income from all sources Mean HK$1,356 per month Median HK$900 per month Mode HK$1,000 per month Base: All respondents (n=400) Q7a. What is your total income each month, from any source? IF NECESSARY What is your total monthly income from work / parents, other sources? [ ] Total (HK$) 1 Don’t know 97 Refused 99

  48. Sig. different @ 95% confidence interval 5.2.2 Mean monthly income from all sources (by gender and age) Base: All respondents (n=400) Q7a. What is your total income each month, from any source? IF NECESSARY What is your total monthly income from work / parents, other sources? [ ] Total (HK$) 1 Don’t know 97 Refused 99

  49. 5.2.3 Summary of income by source Base: All respondents (n=400) Q7a. What is your total income each month, from any source? IF NECESSARY What is your total monthly income from work / parents, other sources? [ ] Total (HK$) 1 Don’t know 97 Refused 99

  50. Sig. different @ 95% confidence interval 5.2.2 Mean monthly income by source (by gender and age) Base: All respondents (n=400) Q7a. What is your total income each month, from any source? IF NECESSARY What is your total monthly income from work / parents, other sources? [ ] Total (HK$) 1 Don’t know 97 Refused 99

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