Five in six young adults in Hong Kong believe the city needs to undergo economic transformation, but only two in 10 of them have considered a career pivot, according to a think tank.

The Hong Kong Federation of Youth Groups urged the government to do more to help fresh graduates and early career professionals plan ahead, as well as boost their confidence towards the city’s future.

The group conducted face-to-face interviews of 600 people aged 18 to 34 between
September and October.

Less than 40 per cent of respondents agreed that Hong Kong has a positive economic outlook.

Around 60 percent of them expressed concerns about various issues, including a potential pay cut and a perceived lack of skills to stay competitive.

Despite the pessimism, the vast majority still planned on developing their career in Hong Kong.

"Young people still treat Hong Kong as their home. They are willing to contribute to the economy," said Tony Lau, convenor of the federation's employment and economy group.

"It is important for the Hong Kong government to cultivate local talent, and they should roll out their utmost measures to retain them and provide training," he added.

Researchers also explained that the majority of respondents had not considered a career transition because of a “lack of clarity” in their direction.

Many said they were unsure which industry they could switch to, while others admitted they lacked the skills and knowledge to make a move, or were simply not interested in the openings on the market.

The federation suggested young people learn more about the development plans in the Greater Bay Area or Belt and Road countries, and explore opportunities in new markets.

Another way to start, researchers said, is to study manpower projection reports, which predict a labour shortage in aviation and innovative technology industries.