artical-banner
BACK

How Much 'Ang Pow' Money is Enough?

As the Chinese New Year approaches, besides the usual hustle and bustle of doing spring cleaning, clearing out the trash, buying some new clothes, coordinating the reunion dinner on New Year’s Eve, the next big thing on everyone’s mind, especially if you are the giver and not the recipient, is: how much Ang Pow money should I be giving?
As the Chinese New Year approaches, besides the usual hustle and bustle of doing spring cleaning, clearing out the trash, buying some new clothes, coordinating the reunion dinner on New Year’s Eve, the next big thing on everyone’s mind, especially if you are the giver and not the recipient, is: how much Ang Pow money should I be giving?
When surveyed, it is interesting to know that Ang Pow rates can actually be pegged to various factors such as:
1)      Who the recipient is:
a. more senior the recipient, the ‘bigger’ the ang pow should be in order for the juniors to show the respect and gratitude towards their elders
b. the closer you feel towards the recipient, the more you would willingly ‘lavish’ ang pow money eg towards your favorite nephew so that he can buy that expensive basketball that NBA players are rumored to be using.
2)      How much you earn:
This factor is particularly interesting as no one really brings their income tax returns to ‘declare’ to their relatives how much they make every Chinese New Year. Then how do relatives judge the ‘wealth index’ of their peers? The answer: through the car they drive! Yes! If you drive a Mercedes, BMW or Porsche and you happen to be giving out $4 worth of Ang Pows, you can be sure that you are branded as the ultimate ‘Giam-Siap Gui’ (or stingy ghost in Hokkien) within your circle of relatives. Never mind if you happen to overhear anyone saying that or not. Perhaps, to test water, you can ask your child to ask their cousins how you are often addressed as when you are physically absent. So driving that Toyota or Honda is not too bad at all, not to mention the fuel efficiency and lower cost of vehicle maintenance.
Having said the above, Ang Pow money is not exactly about how much they are worth as long as you give them with sincerity of wanting to bless the recipient for good health or longevity as 压岁钱 or just a simple way of giving the recipients a head-start to save up in the new year. It is a fantastic way of educating the young on the good habit of saving, starting with their ang pow money.

For interest sake, the below shows the ‘market rates’ for ang pow as tied to a couple’s combined income:

Higher Income – Combined income of more than $150k annually

Parents, in-laws $88 – $200
Own children $20 – $88
Grandchildren, nephews and nieces $20 – $50
Children of friends and colleagues $10 – $30

Middle Income – Combined income of $50k – $150k annually

Parents, in-laws $38 – $100
Own children $18 – $38
Grandchildren, nephews and nieces $8 – $28
Children of friends and colleagues $6 – $18

Lower Income – Combined income of $50k and below annually

Parents $10 – $68
Own children $8 – $30
Grandchildren, nephews and nieces $6 – $18
Children of friends and colleagues $4 – $10

Whatever the amount you are receiving as Ang Pow money this Lunar New Year, remember to give thanks and be grateful as no one is really obliged to be giving you anything in the first place, meaning you can’t really report police for not getting an ang pow from someone.

Happy new year everyone! Wishing you a fantastic year ahead!
 
Insure yourself, protect others.
Yours,
2017 HD Logo
Sign up for a Free account at www.InsuranceGuru.com.sg to get more useful insurance knowledge and request for a free life insurance quote now!
Disclaimer: All information, commentary and statements of opinion contained in this publication are for general information purposes only. They are not intended to be personalized financial or investment advice as they do not take into account your individual circumstances. You are advised to speak to a qualified financial consultant before making any financial decision. This publication should also not be construed as an offer or solicitation to purchase or sell any insurance or non-insurance products including any that may be mentioned here. Whilst we have taken all reasonable efforts to ensure that the material contained in this publication is accurate and informative, InsuranceGuru.com.sg and the author of this article do not warrant or guarantee its accuracy, reliability or completeness. InsuranceGuru.com.sg, its employees, parent, related companies, agents and the author of this article will not be liable for any direct, indirect, incidental or any other type of loss or injury resulting from your use of this content.
Copyright © 2017 InsuranceGuru.com.sg All rights reserved. No part of this publication may be reproduced, stored, transmitted in any form of by any means without InsuranceGuru.com.sg’s prior written consent.
If you are seeing this article sent through your email from InsuranceGuru.com.sg, it is because you had subscribed for it at some point in the past. If you do not wish to receive such emails in the future, you can unsubscribe by clicking here to submit your request. Thank you.
 
The author of this article is Mr Sean Ong. He is a Certified Life Coach and a Chartered Financial Consultant with more than 14 years of experience in the finance industry. A shareholder with the one of the largest independently-owned financial advisory company in Singapore, Sean also leads a top financial advisory group and has been featured on the local TV and radio. In his efforts to contribute to the society, Sean ran 1,000km over 87 days to successfully raise more than $13,000 for a children charity in Year 2012. He also published a book called “Mend Your Socks!” where sales proceeds were donated to charity. Sean can be contacted at oneprofessionaladviser@gmail.com.

The author of this article, Mr Sean Ong is a Certified Life Coach, a Master Practitioner in Neuro-Linguistic Programming and a Chartered Financial Consultant who has been featured on the local TV and radio. Having begun his career in the finance industry since year 2002, he is currently leading a top-performing advisory group as a Senior Advisory Group Partner in IPPFA. In his efforts to contribute to the society, Sean ran 1,000 km over 87 days to successfully raise more than $13,000 for a children charity in year 2012. He also published a book subsequently where sales proceeds were donated to charity. Sean completed his Masters of Science Degree in Technopreneurship & Innovation in year 2020 and was honoured in the Director’s List for academic excellence. He has keen interests in InsurTech projects and mental wellness initiatives for the youths. Above all, Sean counts knowing Jesus Christ as the most significant event of his life. He can be contacted at seanong@ippfa.com.

Share
You Might Also like
14 February is Valentine’s Day, a day where those with a partner celebrate love and those without partners celebrate friendship. It is also a day that florists look forward to and boyfriends dread – the one single day where the prices of flowers like roses sky-rocket, much like the tulip craze in the 20th century.

This article requires an average reading time of 3min 39sec; to understand, it requires 3min 39sec, a little longer into the future or never at all.

In the busy world we live in, it is not difficult to find an individual who is self-motivated to strive for greater heights in life as measured by power and position held at work, the car one drives, the dwelling the person stays in or the amount of cash stashed up in the bank. Many success stories are shared on how one struck it rich at a young age with an innovative idea that sprung into a tech company but little light is shed on how an over-achiever with abundant physical possessions and money can also fall into deep depression.
InsuranceGuru.com.sg is jointly owned by ALP Rocks Pte Ltd “ALP” and IPP Financial Advisers Pte Ltd “IPPFA”. IPPFA is a Financial Advisory Firm licenced under the Financial Advisers Act and Exempt Insurance Broker. ALP is a Singapore-registered Fintech company certified by Singapore Fintech Association as an InsurTech provider. ALP has been appointed by IPPFA as the administrator of this website.

All insurance quotations on InsuranceGuru.com.sg are provided by IPPFA with any financial advisory process to be conducted by a Financial Adviser Representative from IPPFA. Details of IPPFA’s license can be found at www.ippfa.com.