Household Savings in Hong Kong: A Statistical Analysis

Poon, Che-cheong; Hon, Tai-Yuen

doi:10.1007/s10834-015-9457-0

Cited by 7 publications

(5 citation statements)

References 40 publications

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“…The findings supported the fact that household saving rates tend to be higher for households with higher education, more workers, better health and more assets (Lugauer et al, 2019). On the contrary, when household education level is considered, households with decision makers with no schooling background have the highest saving rate which is 27.7% whereas, households with decision makers with primary education, secondary education and post-secondary education show a saving rate of 17%, 15.5% and 14% respectively (Poon and Hon, 2015). The study carried out by Jayasinghe et al (2016) explored that a lower level of education and less awareness on the benefits of savings are found among most of the households in this district; analysis found out that lack of education and confidence have a significant influence on the level of saving.…”

Section: Literature Reviewsupporting

confidence: 60%

Influence of Socio-economic and Demographics factors on Households’ Savings in Sri Lanka

Jayathilaka¹,

Palihawadana²,

Amalka³

et al. 2022

VJM

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The purpose of this paper is to examine the factors influencing saving behavior among households in a developing country. Sri Lanka being a developing country, has recorded a relatively lower households’ saving rate when compared with its peer regional counterparts. The study approximates the socio-economic and demographic factors towards the level of saving of households in Sri Lanka using a quantile regression approach based on the Household Income and Expenditure Survey, conducted by the Department of Census and Statistics of Sri Lanka. Results were obtained by using the stepwise quantile regression technique. The findings of this study conclude that when Sri Lankan households have a higher per-capita income, they tend to have a higher saving level. Moreover, age and marital status have a significant impact on the level of saving in Sri Lankan households. Additionally, poverty and employment status have a significant impact to the level of saving on Sri Lankan households. This research paper bridges empirical gaps in this area of study. Furthermore, this study has been conducted encompassing the entire country rather than limiting it to a district or segment, hence, is comprehensive. As per the generated results gender, income and education levels have shown a significant positive impact towards the level of saving, whilst marital status and poverty have shown a significant negative impact towards the level of saving. It is considered that when the demographic and socio-economic factors are affecting favorably, the level of saving tends to increase and vice versa. Accordingly, findings of the study can provide insights to policymakers to devise policies and incentives to encourage savings behaviour and level of savings among households in Sri Lanka. This is beneficial as coping strategies specially during crises, where dependency of households on government assisted welfare schemes is likely to be less. Keywords: Household Saving Behaviour, Motives of Savings, Barriers to Saving, Quantile Regression

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Section: Literature Reviewsupporting

confidence: 60%

Influence of Socio-economic and Demographics factors on Households’ Savings in Sri Lanka

Jayathilaka¹,

Palihawadana²,

Amalka³

et al. 2022

VJM

View full text Add to dashboard Cite

show abstract

“…Under such assumption, the total wealth share of top wealth group raises 9%, which can be decomposed into -14% of price effect and 23% of saving effect. Such results can be seen as the lower bound of the 30 Households in the bottom 50 income group own less than 5% of total household savings, see Poon and Hon (2015). 31 Saez and Zucman (2016) shows that the saving rate of top 1% wealth group in the US is between 30% to 45% for the period 1975 to 2012; Spaeth and Schmidt (2016) show that the saving rate of top 1% wealth group in Germany is 25% in 2013.…”

Section: Saving Assets Prices and The Evolution Of Wealth Concentrationmentioning

confidence: 99%

“…Regarding Bottom wealth group, Figure 9 (Panel A and B) shows that in 1996, more than 50% the households own an apartment and less than 20% adult owns any stocks. Poon and Hon (2015) shows in 2014, the bottom 50% income group in Hong Kong do not save or save very little 30 . Accordingly, we define bottom groups as: the households who do not own any property or equity ( , = 0) and do not save ( * , = 0).…”

Section: Saving Assets Prices and The Evolution Of Wealth Concentrationmentioning

confidence: 99%

Income and Wealth Inequality in Hong Kong, 1981-2020: The Rise of Pluto-Communism?

Piketty

2021

SSRN Journal

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This paper combines national accounts, household surveys, fiscal data, wealth rankings and election polls, in order to provide a comprehensive analysis of the evolution of income and wealth inequality in Hong Kong, as well as its impact on political cleavages over the 1981-2020 period. We find a very large rise in wage inequality since 1981, especially since the Handover of Hong Kong to China. Top 1% earners now receive a much larger fraction of the total wage bill than bottom 50% earners, while the opposite was true in pre-Handover Hong Kong. We also observe an enormous increase in the capital share and the top wealth share (normalized by national income) since 2000. Today Hong Kong's very top wealth share (top 0.001%) is ranked at very top in the world. Finally, we find that the top income earners and high-income professions (such as executives and managers) are more likely to vote for pro-Beijing camp, while the bottom 85% income group, students and lower-income professionals are more likely to be pro-democratic.

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Section: Saving Assets Prices and The Evolution Of Wealth Concentrationmentioning

confidence: 99%

“…Households in the bottom 50 income group own less than 5% of total household savings, seePoon and Hon (2015).31 Saez and Zucman (2016) shows that the saving rate of top 1% wealth group in the US is between 30% to 45% for the period 1975 to 2012;Spaeth and Schmidt (2016) show that the saving rate of top 1% wealth group in Germany is 25% in 2013.…”

mentioning

confidence: 99%

Income and Wealth Inequality in Hong Kong, 1981–2020: The Rise of Pluto-Communism?

Piketty¹,

Li²

2022

The World Bank Economic Review

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The objective of this paper is to better understand the evolution and institutional roots of Hong Kong's growing economic inequality and political cleavages. By combining multiple sources of data (household surveys, fiscal data, wealth rankings, national accounts) and methodological innovations, two main findings are obtained. First, he evidence suggests a very large rise in income and wealth inequality in Hong Kong over the last four decades. Second, based on the latest opinion poll data, business elites, who carry disproportionate weight in Hong Kong's Legislative Council, are found to be more likely to vote for the pro-establishment camp (presumably to ensure that policies are passed that protect their political and economic interests). This paper argues that the unique alliance of government and business elites in a partially democratic political system is the plausible institutional root of Hong Kong's rising inequality and political cleavages.

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Household Savings in Hong Kong: A Statistical Analysis

Cited by 7 publications

References 40 publications

Influence of Socio-economic and Demographics factors on Households’ Savings in Sri Lanka

Influence of Socio-economic and Demographics factors on Households’ Savings in Sri Lanka

Income and Wealth Inequality in Hong Kong, 1981-2020: The Rise of Pluto-Communism?

Income and Wealth Inequality in Hong Kong, 1981–2020: The Rise of Pluto-Communism?

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