Surging price of food blamed for anxiety disorder; Families with a household income of less than HK$10,000 a month are eight times more likely than others to suffer from inflation-linked anxiety

Surging price of food blamed for anxiety disorder

Winnie Chong

Monday, April 15, 2013

Families with a household income of less than HK$10,000 a month are eight times more likely than others to suffer from inflation-linked anxiety.

The finding by the Chinese University of Hong Kong points to food prices as the main worry among 84.8percent of 5,000 respondents to a survey who believe varying degrees of anxiety are set off by inflation.

One out of five with a family income of less than HK$10,000 month experience anxiety. And the risk of “generalized anxiety disorder” in those affected significantly by inflation is 7.9 times higher than for other income groups.The cost of food is the main concern of those in the lowest family income group who suffer from a disorder that affected about 205,000 adults – 4percent of the population – in 2006 when the study started to 5percent (255,000 adults) in 2011.

A 52-year-old woman named Lee, who lives with her son earning HK$10,000 as an elevator technician, lost the ability to work after suffering a head injury six years ago.

She was anxious going to a market as “a catty of vegetables costing more than HK$10 one day can soar to HK$20 or even HK$30 on another day. I felt worried and could not afford to buy anything even if I walked around a market twice a day. I couldn’t sleep and felt exhausted. I was moody and reluctant to go out so I’d avoid spending.”

A woman named Kam, 60, with the same disorder, even thought about killing herself when her anxiety level was high.

The director of the CUHK Hong Kong Mood Disorders Centre, Lee Sing, said if not handled properly generalized anxiety disorder leads to more serious mental illnesses such as depression.

“The pressure of inflation is not accumulated over the years,” he said. Sufferers “have to face this pressure every day.”

Other worries on top of the prices-linked concerns can cause more severe problems, he added, so people with anxiety symptoms should seek treatment as soon as possible.

A chief economist at the center, Law Ka-chung, said individuals cannot solve inflation.

Some ways out of it, he suggested include the government delinking the Hong Kong dollar from the greenback and increasing the supply of homes.

But Kathleen Kwok Pik-san, a clinical psychologist at the center, said a change in perceptions may help shake off anxiety.

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Kee Koon Boon (“KB”) is the co-founder and director of HERO Investment Management which provides specialized fund management and investment advisory services to the ARCHEA Asia HERO Innovators Fund (www.heroinnovator.com), the only Asian SMID-cap tech-focused fund in the industry. KB is an internationally featured investor rooted in the principles of value investing for over a decade as a fund manager and analyst in the Asian capital markets who started his career at a boutique hedge fund in Singapore where he was with the firm since 2002 and was also part of the core investment committee in significantly outperforming the index in the 10-year-plus-old flagship Asian fund. He was also the portfolio manager for Asia-Pacific equities at Korea’s largest mutual fund company. Prior to setting up the H.E.R.O. Innovators Fund, KB was the Chief Investment Officer & CEO of a Singapore Registered Fund Management Company (RFMC) where he is responsible for listed Asian equity investments. KB had taught accounting at the Singapore Management University (SMU) as a faculty member and also pioneered the 15-week course on Accounting Fraud in Asia as an official module at SMU. KB remains grateful and honored to be invited by Singapore’s financial regulator Monetary Authority of Singapore (MAS) to present to their top management team about implementing a world’s first fact-based forward-looking fraud detection framework to bring about benefits for the capital markets in Singapore and for the public and investment community. KB also served the community in sharing his insights in writing articles about value investing and corporate governance in the media that include Business Times, Straits Times, Jakarta Post, Manual of Ideas, Investopedia, TedXWallStreet. He had also presented in top investment, banking and finance conferences in America, Italy, Sydney, Cape Town, HK, China. He has trained CEOs, entrepreneurs, CFOs, management executives in business strategy & business model innovation in Singapore, HK and China.

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