Absolutely. I come from a very academic-inclined family on my father’s side (bunch of PhDs and master’s degrees) and the expectations were always that every kid in my generation must at least get an undergraduate degree and then we could pursue whatever dreams we want. My career options were doctor, lawyer, or professor (as is typical for many Hong Kong families), with the latter being the least preferred. I went with academia because I am honestly terrified of the responsibility that comes with being a doctor or a lawyer (lives are at stake here!). I did my undergrad and master’s in Hong Kong, then went to Canada to do my PhD. I was lucky to do quite well in the public exams, so my tuition was partially covered with scholarships. My parents kindly paid for the rest and covered my living expenses (hostel fees, food, etc). I also started working part time as a research assistant in my second year, which gave me a bit more spending money. I paid for my master’s degree with my monthly stipend, but since I still lived at home, my living expenses were mostly covered by my parents. I paid for my PhD and all living expenses with a combination of savings (from doing my master’s), scholarships, and part-time research and teaching assistantships.
Growing up, what kind of conversations did you have about money? Did your parent(s)/guardian(s) educate you about finances?
We really didn’t talk about money at home when growing up, but my parents instilled in me the importance of saving very early on. They opened a children’s savings account for me and helped me put all my lai-see (lucky packet) money into it. I’m still using that account (which became available to me after I turned 18). However, they are definitely against investment products (all stocks, funds, etc) and are extremely risk averse. I probably inherited that tendency from them, but I’m trying to change that mindset and start investing in index funds or something of similar risk.
What was your first job and why did you get it?
I got my first job in my second year of undergrad as a research assistant. I did it mostly for the research experience (which is a pretty privileged motivation), but the extra spending money was a bonus. My parents were still covering some of my tuition and my living expenses, so I mostly just saved up my pay checks in case of emergencies.
Did you worry about money growing up?
No. I had a vague idea that we were not as well off as my peers when I was in primary school, but I think my parents shielded me from most of the struggles. We couldn’t afford all the extracurriculars and trips that my classmates had, but I was always well-fed and well-clothed (with hand-me-downs, I later found out) and my mum made sure to enroll me in any free (or subsidized) community centre classes she could find. I was definitely well-loved and happy as a kid.
Do you worry about money now?
Absolutely. It first started when I moved to Canada alone for grad school and realized how much it actually cost to maintain a household (definitely made me appreciate my parents even more). I was lucky enough to receive a multi-year funding package right off the bat (which is already miles more fortunate than most of my peers), but the stipend really barely covered all the costs of living. I felt so anxious at the end of each semester because I was terrified my stipend would run out before the next payment (we received one-third of the yearly stipend per semester). I honestly went a bit nuts working extra jobs and saving during the first couple years of grad school (because WHAT IF) and didn’t quite calm down until I got a larger scholarship (and a therapist) later down the line. I’m still dealing with quite a lot of anxiety now, especially since both of my parents will be retired soon, and I feel responsible for supporting them from here on out.
At what age did you become financially responsible for yourself and do you have a financial safety net?
I became financially responsible when I started grad school in Canada at 24. Technically I have a decent safety net built up with my savings, but realistically I am extremely reluctant to touch any of it. Now that I am back in Hong Kong living with my parents, I feel like I am no longer financially responsible (and a bit of a failure, to be honest). The amount I give them per month would barely even cover rent if I lived alone in Hong Kong. My parents are definitely still my safety net. I am certain they would not hesitate to do everything (even mortgage their apartment) if I needed a bailout very badly. My only hope is it will never come to that.
Do you or have you ever received passive or inherited income? If yes, please explain.
No.
