Dear MEL Topic Readers,
Tradition of lucky money a financial strain on elderly
Hongbao, or lucky money, is money in red envelopes given to children
during special occasions, especially during Chinese New Year. The red color of
the envelope symbolizes good luck and is believed to ward off evil spirits. Recently,
as mobile payment has become the de-fact payment tool in China, sending virtual
red envelopes with messages and animations on WeChat or Alipay is taking place for
paper envelopes. Whichever the envelopes might be, what’s inside matters for both
the recipients and givers. As many people have become wealthier and the average
income rises, the amount of money in the red envelopes increases. Also, many Chinese
parents in urban areas have only one child, if they have one. This reduces the
number of red envelopes to hand out but raises the amount per envelope
increases. This is troublesome for those who live by pensions or have many
grandchildren in rural areas where there are many relatives. Indeed, as what
children want is becoming more expensive, such as online games, trendy clothes,
and fancy drinks, one hundred yuan, worth US$14, might not be enough as “lucky
money.” Many Chinese grandparents don’t seem as wealthy as their adult children,
or even their grandchildren because they don’t have as much savings or
investment as today’s generations.
Read the article and learn about what “lucky money” means in China.
No comments:
Post a Comment