With Chinese New Year just around the corner, parents are scurrying to stock up on their New Year goodies, finding time to declutter the house, making arrangements for the yearly reunion dinner, and the list goes on.
But in the eyes of the little ones, these are rendered as insignificant as what’s more important for them is the abundance of red packets – also known as ang pows or hong baos, they are about to receive this festive season.
A recent survey conducted by the Oversea-Chinese Banking Corporation Limited (OCBC) found that children can expect to receive an average ang pow collection of $760 in the year of the rooster – an increase of $14 from last year (as shown above).
The prediction is based on actual observed ang pow amounts over the previous years.
This is seemingly surprising as a report by The Straits Times on Oct 25, 2016, stated that the Singapore economy will remain sluggish this year due to a cyclical downturn.
Retired Financial Manager Harry Chia, 70, for one, will not be cutting down on the ang pow amount he gives to his nieces and nephews this year.
“Even though the economy isn’t doing that well, our dollar currency is stronger- which could be the reason why adults might be giving more this year, he said.
“We are also more generous to kids, and there’s not a need for them to bear the ‘not-so-good’ economy”.
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