Financialization and generational differences in the correlates of perceived importance of investment in Hong Kong
Social Transformations in Chinese Societies
ISSN: 1871-2673
Article publication date: 27 November 2019
Issue publication date: 29 November 2019
Abstract
Purpose
The purpose of this study is to examine how people’s perceptions of the importance of financial investment relate to their value orientation, societal perceptions and policy attitudes. Tying together insights from theoretical analysis of the financialization of society and Mannheim’s (1972) theory of generation, this study hypothesizes that perceived importance of investment should be less connected to a desire for a wealthy lifestyle and more connected to a critique of social inequality among the young generation. Analysis of survey data (N = 1,020) from Hong Kong, an international financial hub, shows that perceived importance of investment relates positively to consumer materialism, perceptions of social inequality and support for social democratic policies. More importantly, the relationships between the latter variables and perceived importance of investment vary across age groups in ways largely consistent with the expectation. The findings illustrate the changing social significance of financial investment and the reluctant embracement of investment by young people.
Design/methodology/approach
A representative telephone survey (N = 1,020) was conducted and analyzed.
Findings
The analysis shows that perceived importance of investment relates positively to consumer materialism, perceptions of social inequality and support for social democratic policies. More importantly, the relationships between the latter variables and perceived importance of investment vary across age groups in ways largely consistent with the expectation.
Originality/value
The findings illustrate the changing social significance of financial investment and the reluctant embracement of investment by the young generation. It is, to the authors’ knowledge, the first study in Hong Kong addressing people’s attitudes toward investment in relation to the notion of financialization.
Keywords
Acknowledgements
Funded by: South China Programme, Hong Kong Institute for Asia-Pacific Studies.
Citation
Lee, F., Tang, G. and Tsang, C.-K. (2019), "Financialization and generational differences in the correlates of perceived importance of investment in Hong Kong", Social Transformations in Chinese Societies, Vol. 15 No. 2, pp. 161-177. https://doi.org/10.1108/STICS-04-2019-0008
Publisher
:Emerald Publishing Limited
Copyright © 2019, Emerald Publishing Limited