With the date of the general election now set, finance is set to be a central issue with interest rates and inflation still high.

Money is still “so tight” for millions of people, said the Daily Express, meaning that the financial policies of the main political parties will be crucial in deciding who to vote for.

Addressing competition with Singapore and questions from US firms about expanding in the region, he said: “Hong Kong is a lot more entrepreneurial. When it comes to the entrepreneurial spirit and innovation, I think you’ll find it more interesting … Hong Kong is [also] more open and diverse. On lifestyle, Hong Kong is a lot more interesting too.

“Come talk to us. Depending on the scale of the investment, the size of operation, the stage of the technology that you’re bringing, we can tailor-make specific packages for you.”

He said the city was an ideal destination for businesses planning to expand into North Asia and the mainland, citing the connectivity that allowed travellers to reach more than half of the world’s population within five hours’ flight time.

Chan also highlighted the strengths of Hong Kong’s stock market, touting its advantages over Singapore’s, which he described as being “no comparison in terms of depth and breadth”.

The market capitalisation of companies listed on Hong Kong’s stock exchange stood at HK$32.1 trillion, compared with HK$7.4 trillion on Singapore’s bourse. But the city state has a larger economy that is considered more diversified.

The lunch event was co-organised by the Hong Kong Economic and Trade Office in San Francisco and the Bay Area Council, a California-based business association with more than 300 member companies. It was held in the dining hall of a luxury hotel in downtown San Francisco.

Attendees included about 100 representatives from California-based businesses, start-ups and trade associations, but no US officials were present.

In his speech, titled “Hong Kong’s New Chapter: Empowering Growth through Innovation and Sustainability”, Chan said Hong Kong remained attractive as “a springboard” for accessing the mainland and Asian markets.

“Coming to Hong Kong, on one hand you will have convenience and sometimes priority access to the mainland,” he said. “At the same time, from there, your international character and your international facets will be preserved. Talent, goods and data are movable.”

The memorandum of understanding signed between InvestHK and the Bay Area Council covered joint promotion investment with a focus on green finance and sustainable development.

San Francisco and Berkeley were the final destinations of the first-ever joint delegation composed of senior officials from Hong Kong, Macau and Guangdong province to promote business opportunities in the Greater Bay Area, a plan by Beijing to turn Hong Kong, Macau and nine Guangdong cities into a hi-tech economic powerhouse by 2025.

The joint delegation, which concluded a four-day visit in Paris before heading to the US, will stay in California until Friday to attend the US-China High-Level Event on Subnational Climate Action. It is also expected to take part in the Bay to Bay Dialogue event with Californian businesses.

The visit is Chan’s second to San Francisco in six months, after he attended the Asia-Pacific Economic Cooperation summit in November last year on behalf of city leader John Lee Ka-chiu.

Lee, who is sanctioned by the US, had cited a pre-scheduled agenda clash and turned down the invitation.

Chinese President Xi Jinping met his US counterpart, Joe Biden, during the summit, with both sides agreeing to work together to cooperate on risks posed by artificial intelligence.

Before their meeting, California Governor Gavin Newsom visited the mainland and made a brief stop in Hong Kong as part of a week-long trip last October, partly to “advance climate action”, according to his office.

The San Francisco Bay Area has reigned as a global hub for technological innovation, notable for the vast number of tech giants headquartered there, including Apple, Google and Facebook.

The Hong Kong delegation’s lobbying efforts come as the mainland also seeks foreign investment to revitalise its sluggish economy, which has been hampered by weak business confidence, partly due to a property market downturn.

My baby boomer parents knew how to stretch a dollar. Juggling three kids, a mortgage and a couple of car loans on a middle-class income in the late ’90s was an exercise in frugality. 

We grew up hearing “Money doesn’t grow on trees” like every other kid. But when my older brother suggested our dad get more “free” money out of the ATM, the true money management lessons began. 

From my folks’ perspective, teaching healthy financial habits would have a positive influence on us as adults. That worked out pretty well for my brothers and me (here I am writing about personal finance). But not everyone in my generation shares that experience. Over 34% of Gen Zers say their parents did not set a good financial example for them, according to WalletHub’s Generational Finances survey. 

Younger generations face many objective obstacles that make it difficult for them to be financially successful, including rising living costs, student debt and high inflation. Still, it’s never too late to build solid money management skills to help your future self. 

Everything I know about saving I learned from my parents 

When I was 15, I pitched the idea of studying abroad in Ecuador through the local Rotary Club. My brother had done it a decade earlier in Chile, so my parents weren’t shocked by the idea. However, before I approached them, I made sure I was fully prepared: I had already been accepted to the program and had the funding lined up. I was ready to be fiscally responsible and autonomous, and it was all due to their money lessons over the years. 

Little did I know that the tips and mentorship from my boomer parents would translate beautifully to my career as a personal finance writer. So, I sat down with my folks to talk about what they taught us about money growing up. 

Tip 1: Pay your bills before you pay yourself

Every time I get paid, I hear my mom’s voice saying, “Pay your bills before you pay yourself.” I’ve carried this message with me because it emphasizes the importance of sticking to a budget. 

“Budgeting was a regular household activity because we didn’t want you to think of it as a chore,” said Kelley Hall, aka my mom. “It was normal to sit down and talk about our goals because we wanted you to visualize the payoff.” 

To this day, I feel more in control of my finances through budgeting (I use the classic pen-and-paper approach, but many of my CNET Money colleagues prefer budgeting apps). I start by setting aside a portion of my paycheck to cover the necessities: rent, utilities, groceries and student loans. Then, whatever is left is my discretionary income for nonessential items.

Tip 2: Distinguish wants from needs 

I used to cry in the backseat of my mom’s minivan because I wanted the trendy thing everyone at school was raving about. My mom would patiently say: “I want a lot of things, but do I need them?” I probably didn’t understand the sentiment back then, but my mom had an excellent point. No, I didn’t need Ugg boots in July in Texas. 

Now, whenever I see something new or scroll through Amazon, I constantly ask myself if the coveted item is a want or a need. To avoid overspending, I usually let a potential purchase simmer for 24 hours before I cash out. It also helps me set long-term goals if there’s a new pair of shoes (i.e., Doc Martens) I actually want to save for. 

Tip 3: Build credit, not debt

When I went to college, my parents encouraged me to get my first credit card because they wanted me to understand the importance of building credit. But my mom also made sure I wasn’t abusing the card by spending what I didn’t have. 

“I used to always tell you not to use your credit card unless you know you can pay it off in two payments,” my mom said. “If you get stuck in a cycle of just paying the minimum payment, you’ll end up building debt and not credit.” 

Today, in my late 20s, I only charge what I know I can cover and repay in full. If I start using my credit card when I don’t have the funds to pay it off, I’ll be hit with steep interest charges. And the last thing I want is debilitating credit card debt. 

Tip 4: Don’t touch your savings 

I didn’t have a piggy bank growing up. Instead, I had a giant mason jar with a map stuffed inside because I was obsessed with traveling the world. For years, I’d fill the jar with loose change and any money I made from babysitting gigs or household chores. Eventually, my parents got me a savings account. 

“That was probably your very first lesson on savings,” my mom said. “You were around 10 years old and saw the value in setting money aside for a big goal.” 

Today, I keep my savings account separate from my everyday checking account because we’re less inclined to spend what we don’t see. If I was looking at a mason jar full of cash every day, I would be tempted to spend it and not save for an emergency. 

Tip 5: Manage your debts so they’re easier to handle

When I applied for financial aid for college, I remember feeling quite anxious about taking on debt. Even though I wouldn’t have to pay my student loan debt for many years, I thought about the logistics of paying off that balance. That’s when my parents started talking to me about debt management. 

My dad remembers what his father told him as a kid: Your money is supposed to work for you. “That piece of advice can be applied to a lot of things, even debt,” said Chuck Hall, aka my dad. My dad passed on my grandfather’s wisdom to me. If you have debt, don’t avoid it. Make it a regular part of your budgeting so it’s more manageable. 

One way I manage my debt is by negotiating the due dates on my recurring bills. This helps me spread out my payments so I’m not broke right after my paycheck hits my checking account. 

Listen to… your parents? 

Baby boomers own more than 50% of the wealth in the US. Sure, they’ve had a longer time to grow their wealth, and they grew up experiencing a booming economy that allowed them to benefit from things like lower housing costs.

Our parents were right to say money doesn’t grow on trees, and it’s worth listening. This generation might still try planting some seeds. But knowing Gen Z, there’s an app for that.