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Even though we might now all be grown-ups and way past the toddler age, our mothers still see us as “big kids”. She may still check on us daily to see whether we have worked too hard in the office or remembered to pack an umbrella on a rainy day.
For some of us who are married and have families of our own, being parents ourselves also provides a different perspective on motherhood and parenting.
On this Mother’s Day 2024, the team at Endowus would like to share some gifts and lessons we are thankful to our mothers over the years.
Saving for my university education
From a young age, my parents instilled in me the crucial distinction between needs and wants, always encouraging me to think carefully before any purchase to assess its necessity. Despite their cautious approach to spending, they supported my early interests by funding classes in ice skating and drawing. This not only allowed me to cultivate my hobbies but also taught me the value of investing in personal development.
As I entered high school, my parents gradually increased my autonomy over financial decisions. They involved me in meaningful choices about the allocation of funds, such as deciding between saving for my future home down payment or investing in my education abroad. I opted for the latter, choosing to embrace the educational and cultural experiences offered by studying overseas, despite the uncertain financial return on my education costs.
Thankfully, my mother has planned and saved for my tertiary education, without being "forced" to do it through an education savings plan, or an education fund. Financial planning as a family has much to do with:
- Educating about how money is hard-earned and precious
- Exploring the differences between needs and wants
- Understanding the trade-off between spending and saving/investing
Despite the hefty price tag of an overseas education, which could easily exceed HK$1 million, my mother’s foresight and savings enabled me to pursue my degree. This decision was an investment in my future that I was fully committed to making worthwhile.
Happy Mother's Day, my dear mom!
–– Vanessa Wong, Client Advisor
Read more: How Warren Buffett invests like a women and wins big in the market
Not relying on me to be her retirement plan
In Hong Kong, it is a cultural expectation for children to provide financial support to their parents. As soon as the children begin earning, it is anticipated that they will contribute to the care and well-being of their parents financially. This norm, however, can significantly strain young adults financially, even before they have the opportunity to build their own families.
While the starting salary varies, some fresh graduates find themselves allocating almost half of their income to support their parents. In 2023, the median monthly per-capita income of Hong Kong workers comes in at around HK$20,000, indicating that managing financial responsibilities towards both a young family and elderly parents can be both financially taxing and mentally draining.
Many of my peers are beginning to start their own families at this time and the financial strain intensifies for them, also known as the sandwich generation. This is the group that is “sandwiched,” or caught between supporting their ageing parents and raising their own children. Soaring property and rental prices, escalating healthcare expenses for the elderly, and the significant cost of child-rearing in Hong Kong all add to the burden.
Fortunately, my mother's retirement isn't a concern for me because she lives well within her means. Having been a nurse for more than two decades, she has maintained the same standard of living since her early days in the profession. She doesn’t depend on me for her retirement since our home is completely paid off, and she hasn’t dipped excessively into her provident fund for her daily expenses.
I do give her a nominal allowance as a token of gratitude, and pay for our meals out together. The fact that I can focus on starting and planning my own finances,and working on my career, without worrying about my parents — that all thanks to my mum.
When I start my own family, I will also pass on the gift of financial independence and knowledge to my kid — to appreciate the value of money, to start young and small, and to plan ahead. After all, wealth can be passed down and spent, but values will always remain a part of us.
Thank you for the gift, Mum. Happy Mother's Day.
–– Edwin Ho, Senior Client Advisor
Read more: Financial planning strategies for new parents
Teaching me the difference between “wants” vs “needs”
Since young, my mother has taught me the importance of being mindful about money and spending. I remember, as a teenager feeling the weight of peer pressure, I had asked my mother for a luxury handbag for my 16th birthday, only to be met with a firm rejection. At that time, I recalled being very upset, thinking she was being “unreasonable” at the time (though in retrospect, she was definitely not the unreasonable one here).
She taught me the critical difference between “wants” and “needs”. The luxury handbag was a “want”, and not a necessity. Looking back, I am incredibly grateful for her to instil such principles in me at a young age. While handbags were not necessities, when it comes to my education and development, be it tennis, piano or Mandarin class, she would never hesitate to pay for these expenses as she viewed these to be necessities — for me to grow and prosper.
Over the years, as I have grown and matured into adulthood, I have observed how the allure of keeping up with glamorous posts on social media can tempt people into unnecessary spending. Yet, whenever I am on the verge of an impulsive buy, my mother’s teaching of wants vs needs would always prompt me to pause and reconsider.
Our family grew up in a relatively comfortable environment because my parents were prudent with their finances. I am thankful to my mother for her sacrifices, and for always putting our needs before her wants, which I would definitely hope to pass onto my children one day.
Thanks mom and happy Mother’s Day!
–– Steffanie Yuen, Managing Director, Head of Hong Kong
Read more: Five tips to save more money
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