40% survey respondents consider their financial problems ‘severe’

A survey directed by a social service provider shows that 70% of the respondents had debt equivalent to over 30% of the gross household income and 30% had debt surpassing 50% of their income.

The survey was led by Sheng Kung Hui Gambling Counseling and Family Wellness Center and was conducted from April to August this year, receiving 372 valid questionnaire responses.

Regarding the types of debt, over 75% of these households were holding property mortgages, nearly 19% consumption loans, nearly 5% student loans and about 1% gambling loans.

Moreover, 30% of respondents expressed worries on the financial practices of their better halves. More than half of the respondents reported having fights with their spouses due to money problems.

In addition, nearly 40% of respondents described their financial problems as severe and reported having middle-range difficulties resolving them.

The survey also discovered a vicious cycle connecting inconsistent understanding of financial difficulties, the severity of the situation and the difficulties in resolving the situation.

Another finding is that setting, and striving to reach, domestic financial targets are not very popular aims among respondents.

Newlyweds are usually less satisfied with discussions on financial topics, while younger couples tend to use stress strategies against conflicts.

In terms of suggestions for couples, the community service provider has called for greater concern for younger couples or households. Besides this, it suggested that finances should be based on households instead of individuals.

Even if both of the couple view money differently, the service provider encourages them to seek similarities while living with differences.

Meanwhile, the center calls on married couples to open themselves more to discussions when they are faced with financial difficulties.

Wu Wai Han, director at the Sheng Kung Hui Gambling Counseling and Family Wellness Center, pointed out that, in many cases, financial difficulties deteriorated into marriage crises due to the lack of discussion between spouses, based on feedback from frontline counselors.

Another problematic situation is that, according to a report by local media Macao Daily News, some service users believed gambling was a way to resolve financial difficulties, which usually further disrupted the household’s financial sturdiness and internal relations.

She emphasized that correct financial understanding and consistent financial goals for a couple help household harmony.

Moreover, she revealed the community service provider is operating a website dispersing financial knowledge, with a credit card loan repayment calculator to help people understand and plan their finances.

Meanwhile, the service provider has announced the results of a survey concerning domestic financial conditions.