1.3 The Hong Kong Lens: Cultural and Historical Influences

A City Shaped by History and Resilience

Hong Kong’s unique history has left imprints on how its people view money. For many families here, life wasn’t always about choosing which trendy restaurant to try. Some grandparents arrived with only a suitcase or the clothes on their backs, fleeing war or poverty. In those early days, every cent mattered. Your grandfather might still insist on checking multiple wet market stalls before buying a single vegetable, because he remembers when even a few dollars could tip a household budget over the edge.

Those who came seeking a better life worked relentlessly, and many succeeded beyond their wildest dreams. The city’s rapid economic growth brought “rags-to-riches” stories—tiny food stalls that evolved into famous eateries, or humble shopkeepers who eventually purchased entire blocks of flats. These stories instilled a strong belief that with enough grit and discipline, wealth was within reach.

Yet, Hong Kong also witnessed moments when it all nearly fell apart. The 1997 Asian Financial Crisis and the 2008 crash left a lasting imprint: money can disappear as quickly as it arrives. Families who lost it all still share those memories, reminding everyone that money can vanish as fast as it arrives.

Scarcity and the Cost of Living

Even on days when the economy seems strong, the city’s density and high prices constantly remind people that resources are limited. Think of how rent or property prices dominate conversations. You might hear about a neighbor who paid millions for a flat that feels like a shoebox. Or notice a restaurant that accepts only cash to avoid credit card fees—saving a small percentage, but sacrificing convenience for both the staff and customers. These little details reflect a broader scarcity mindset, where money feels too precious to waste.

You’ve likely felt this tension firsthand. Maybe you’ve had to justify an extra treat when you’re crammed into a tiny apartment, or you’ve overheard coworkers discussing property investments like it’s the only path to stability. In Hong Kong, caution can run deep, pushing families to save obsessively and encouraging younger generations to “play it safe” so they don’t end up on the wrong side of a housing or economic downturn.

Money as a Marker of Identity

At the same time, Hong Kong has turned money into more than just a practical tool; it’s a sign of who you are.

1. Owning Property
   
   • Far more than just a home, it symbolises stability, success, and filial piety. For many families, buying a flat is the first major sign you’ve “made it.”
2. Status Symbols
   
   • Designer handbags, luxury cars, and upscale restaurants are more than indulgences; they’re statements of achievement—sometimes turning into benchmarks of self-worth.
3. Social Pressure
   
   • From comparing mortgage rates over dim sum to swapping investment tips on weekend hikes, money talk is everywhere, often leading people to feel judged or pressured to keep up.

This constant focus on finances can sometimes blur the line between genuine needs and social expectations. Ask yourself: Do you feel pressured to keep up with peers who upgrade their phones every year? Do you find yourself eyeing a coworker’s brand-name wardrobe, wondering if you should do the same?

If so, you’re not alone. It’s human nature. We are deeply social creatures, wired to seek status, belonging, and respect—not just because we crave them, but because, for hundreds of thousands of years, they were essential for survival.

Back when humans lived in tribes, belonging wasn’t just about comfort—it was about life or death. If you weren’t useful to the group, if you weren’t respected, you risked being cast out. And back then, being alone meant certain death—no protection, no food, no chance of survival. That instinct to prove our worth, to be valued and accepted, is still ingrained in us today. But instead of demonstrating our usefulness by hunting or gathering, we now signal status through possessions, careers, and financial success.

But here’s the key: awareness is power. When you recognise these instincts at play, you gain the ability to pause, reflect, and decide—rather than simply reacting. The goal isn’t to reject status or social belonging, but to consciously choose what truly adds value to your life, rather than letting invisible pressures dictate your financial decisions.

Empathy Across Generations

Money conversations often create friction within families. Perhaps your parents still nag you to save every dollar, or you get frustrated watching your child spend on luxuries you’d never dream of buying at their age. It helps to remember that each generation’s money habits reflect the circumstances they grew up in. One might have endured real scarcity—where job security was fragile and every purchase felt risky—while another grew up during boom times, feeling freer to spend.

Having empathy for these different backgrounds can ease resentment. Instead of labeling your parents as “outdated” or your kids as “reckless,” consider why they think the way they do. Acknowledging their experience doesn’t mean you have to copy their beliefs, but it does build understanding—and that can make money discussions far less stressful.

Balancing Scarcity and Opportunity

Hong Kong’s deep-rooted caution coexists with a strong belief in opportunity. On one hand, many families embrace intense saving, pinning their hopes on property ownership as a symbol of stability. On the other, tales of self-made millionaires spark optimism that anyone can “make it” with enough perseverance. This duality means you can feel pressured to hoard cash and aim for ambitious goals at the same time—a push-and-pull that can be both inspiring and stressful.

What’s Next?

So, how do you navigate a city where caution and risk-taking coexist, and where every relative seems to have an opinion on your money habits? The local culture and history give you a strong foundation for understanding your own financial instincts, but family dynamics also play a major role. If you’re curious about how personal upbringing ties into this cultural backdrop—and want strategies to harmonise them with your own goals—join us in the next chapter: “The Role of Culture and Family: Where Our Money Beliefs Come From.”

In that lesson, we’ll dive deeper into how personal stories, familial lessons, and societal influences all converge to shape the way you handle money today. Knowing where your beliefs come from is the first step toward deciding which ones you want to keep—and which ones need an upgrade.