Hongbao Bring financial burden on New Year

At Spring Festival, it is a tradition for families and friends to get together and give younger generations cash sealed in a red envelope, known as hongbao.
However, this custom, which is supposed to add happiness and festive flavor to the holiday, has placed a heavy burden for many people .
To make things worse, social activities at Spring Festival piled up, all requiring money.
Some people said : “Instead of racking my brain for gift ideas, I choose to give money. It’s much easier,”
Chinese micro-bloggers have come up with several suggestions of ways to dodge the obligation of giving cash and save money. Traveling is listed as No 1.
Other solutions include giving gifts instead or adopting the Hong Kong style of giving hongbao, which only contains HK$10 to HK$20.

Wang Zuoyi, a folklore expert in Beijing, said hongbao pressure is losing its traditional meaning of good will.
“In this sense, Hong Kong preserves the hongbao culture better than the Chinese mainland,” said Wang. “What matters is the wishes you send to others, not the value of money you put in an envelope.”
While giving money has been a burden to grownups, younger generations are becoming spoiled by receiving money.
Zhu Tianyu, 20, a sophomore at a university in Nanjing in Jiangsu province, said New Year is an opportunity for him to earn money. This year, he has collected almost 10,000 yuan.
The phenomenon of children becoming rich during the holiday by receiving hongbao has also triggered business. Banks such as China Merchants Bank and Bank of Communications have started new financial products specially targeted at this new rich group.
“Parents should also guide their kids in spending the money,” said Wang. “It is a good idea to start saving at a young age.
“Giving children large amounts of money should not be encouraged.”Comprehensive news about silicone and casting

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