$780 and counting as kids bag fat hongbao

SINGAPORE - Your children may be raking in big bucks this Chinese New Year, with OCBC Bank predicting that the average hongbao haul will hit $780.

It is basing this forecast on previous deposits made in children's accounts during the Chinese New Year period, over the past five years.

This year's figure is expected to be the highest in the past seven years.

OCBC found that between 2009 and last year, the average amount of hongbao money collected by a child would go up by 12 per cent every year - which means hongbao givers are increasing their amounts far more than the yearly rate of inflation.

OCBC also analysed data from last year's deposits, and found that a fifth of hongbao recipients got more than $1,000 during Chinese New Year.

Another quarter got between $501 and $1,000, while the majority of 42 per cent received between $100 and $500.

The report noted that those living in central and southern Singapore received an average of $622 and $630 respectively, while those living in eastern and western Singapore received an average of $591 and $571 respectively.

Those living in the north received the lowest, at an average of $480.

Mr Donald MacDonald, head of customer analytics and decisioning at OCBC, noted that with the average amount of money received from red packets increasing, "we believe that parents should take this opportunity to teach their children good saving habits as they receive their hongbao".

dtang@sph.com.sg

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