Ownership of lucky money sparks heated debate

By Zhu Bochen
0 Comment(s)Print E-mail China.org.cn, February 24, 2021
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Photo taken on Feb. 17, 2019 shows students receiving red envelopes in a school in Guangdong province. [Photo/VCG]

Should parents have a say in how children spend money gifted during the Spring Festival? During the last few days, the topic has sparked an intense debate on Zhihu, a Quora-like Q&A platform in China. 


In China, it is common for people to wrap "lucky money" in red envelopes and gift it to children during holidays and especially during the Spring Festival.


While some believe that gifting lucky money is simply a token of good fortune and blessing, others argue that it embodies a traditional social norm in China where people essentially entrust children with favorable amounts of money. Although both parties intend to express good wishes, the latter focuses more on the financial side.


In reality, children are mostly just a medium of exchange amid such social norms. Given the reciprocity, all the lucky money gifted to them, in fact comes straight from the wallets of their own parents.


This should not have triggered such a big issue, as most Chinese parents are instinctively happy to give their children an allowance. However, in recent years the amount of cash exchanged has begun to increase dramatically. Meanwhile today's younger generation are exposed to a more diverse and costly consumer culture. These factors are the very reason why parents are worried about their children's personal finance skills.


Nevertheless, children's right to spend their lucky money has been recognized by China's Civil Code which officially took effect on Jan. 1 this year. According to Article 19, a minor aged eight or above may independently perform a civil juristic act that is purely beneficial to him, which in this case, refers to the act of receiving lucky money. In this sense, parents may help their children keep the gifted money, but they are not allowed to spend it on themselves. 


It is also stipulated that such independently performed acts should be appropriate to the children's age and intelligence. Thus, the amount of lucky money children can spend by themselves is dependent on various factors, such as one's family education and financial situation. But this has raised other problems. 


For example, one Zhihu user asked whether it was a child's fault if they spend all their lucky money on personal hobbies. While many insist that lucky money is the children's personal property, some argue that it depends on what their hobbies are. 


One user urged the younger generation to develop a reasonable concept of consumption. "It is important for children to figure out how to spend money on things that interest them, rather than addiction, laziness, or a way to escape the reality," they added. "Such things should be truly meaningful and bring joy instead of worrying about how parents or teachers will react."


Others suggested that the children should put themselves in their parents' shoes, especially families that are experiencing financial difficulties. "I'm sure everyone's parents have had things they felt passionate about when they were younger, but instead chose to support their family. Not everyone can recklessly buy things just for a passion," wrote another Zhihu user.


In addition, many believe that there should be improved communication within families regarding their financial situation, rules for spending money, and hobbies and interests.


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