Chinese New Year (CNY) Ang Bao Rates 2019: Why Ang Bao Guides Are Unhealthy?
In Chinese tradition, the giving of Red Packet (Ang Pao) during Chinese New Year from the married to the unmarried (mainly children), is a meaningful one.
The actual significance of this tradition is mainly on the red packet. The money that comes in it is secondary, and an add on bonus for the recipient of the Ang Bao.
The meaning behind giving of red packets during Chinese New Year is a way for married working adults to share their wealth and blessings with the young ones.
On top of that, red colour in Chinese tradition signifies:
- Good luck
While the money in the red packet signifies luck.
How much should you be giving in your Ang Bao this CNY?
Giving of Ang Bao has a really great meaning behind it.
but when money is involved, things get a little complicated, and at times, tradition loses its meaning.
A commonly asked question, especially amongst newlywed couples, will be the amount to put in their red packet this Chinese New Year.
Well, here’s a few ways to look at it.
Pegging Ang Bao rate to the inflation rate
For those who are a little more into finance, inflation rate may play a key role in determining the Ang Bao rate this Chinese New Year.
I remember vividly that about 15 years ago in the year 2003, $2 was the minimum for Ang Bao rate. With this, if we were to factor in the consumer prices inflation rate since then
|Year||Consumer prices inflation rate||Minimum Ang Bao rate|
The minimum Ang Bao rate should then be $2.82 for the year 2019 then.
Well, definitely not the rate which we are looking at currently. Whoever told you it is $6 is wrong.
If we determine “CNY Ang Bao rate” 2019 by what is circulating online
We did a quick search on the rates online, and here are some of our findings for “Ang Bao rate”.
|Parents/ In-laws/ Grandparents||$250 - $800||Out of everyone, parents should get the most as a sign of respect.|
|Husband to Wife||$200 - $500||Husbands can opt to give their wives ang pows and vice versa. But this isn't a common practise in modern households.|
|Siblings||$50 - $200||Depending on how old your siblings are and whether they are working, this is a safe and reasonable amount to give.|
|Own Children||$50 - $200||Some parents choose to give more, but this is a general amount that most parents give.|
|Cousins/ Nieces/ Nephews||$10 - $20||They are not immediate family members, therefore can be given lower ang pow amounts.|
|Friends/ Children of friends||$2 - $8||As these are people who you would give the most out to (assuming you have a small family), you might want to keep the budget lower for this.|
|Parents and in-laws||$200 - $500|
|Own Children and grandchildren||$50 - $200|
|Siblings||$30 - $100|
|Extended family||$18 - $38|
|Other children who visit||$2 - $8|
|Public workers||$5 - $10|
Further Reading: Why Ang Bao rate guides can be unhealthy?
While it is convenient to come out with a guide for everyone to follow, maybe it is time to take a step back and reflect on the values that will be translated down to the next generation.
Some of the Ang Bao guides we see circulating online can lead to unhealthy values being passed down.
By indicating the income bracket and pegging it to a rate can result in the younger generation receiving Ang Bao to judge their relative based on the amount they give.
Judging your relative based on income bracket is definitely something to avoid, and the meaning behind this meaningful tradition should not be lost in translation due to money.
Here are what some of the community have to say:
- Justine Carys: No fixed amount. See what you are comfortable with.
- Alan Kor: No fixed rate. See heart and thought, not see the money.
If relationships are based on monetary value, “good game” to your relationships.
- William Seah: Give what your heart is willing. If you give according to market rate, and if you are unwilling, then the gift is meaningless.
- Guillaume Low: It is the thought that counts.
We want to find out how women would prefer to deepen their personal finance knowledge, share with us what you think!