Latest research from UOB has revealed that Singaporeans will dedicate an average of $1,500 to usher in the Lunar New Year this year.
The amount people said they would place in red packets reinforces the appreciation and respect they have for their parents and grandparents.
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Parents are likely to receive an average $236 in their red packet while grandparents can expect to receive $143.
Young members of the family can expect a comparably smaller red packet of less than $70. Extended family members and relatives and non-family member will be receiving the smallest red packets at $12 and $8 respectively.
More than $650 (43 per cent) will go to giving red packets to close family members in recognitino of the importance of their family plays in their lives.
New Year shopping for items such as new clothes (24 per cent), and paying for reunion dinners and delicacies (22 per cent) account for the remainder of Lunar New Year budgets.
When asked what they would do with their red packet money, 84 per cent of the respondents said they intend to put the money into a savings account. Another 29 per cent of respondents said they would spend it.