Chinese New Year is a time for joy and celebration and being together with your loved ones. It is also celebrated in other Asian countries as the Spring Festival. Traditionally, elders give the young people in their families new clothes and red packets containing money as wishes for good luck, prosperity, and abundance. Modern days, however, has changed this dynamic, and anyone can now give gifts to their loved ones. And what better gift to give someone you love than something that keeps on giving?
We have listed a few financial Chinese New Year’s gift ideas for your loved ones of all ages:
Children and toddlers
Younger children often outgrow their new clothes and toys very fast. This year, give the little ones in your life a financial start as gifts for Chinese New Year. Since young children are at a developmental stage where their brains are absorbing information like a sponge, getting them books and toys about money management. It is never too late for educate young minds about the importance of saving money. Another great Chinese New Year present for very young children are unit trusts and savings bonds. Chinese families gift their children families “ang-pows”- red packets containing money, as gifts for the lunar new year. Take a step above and give a unit trust or savings bonds. By the time they are old enough to start off college or working life, these gifts would have multiplied many times over to give them a comfortable start in life.
Older children are capable of understanding slightly more complex concepts of finance. Getting them interactive books about money management as a Chinese New Year present would be a great way of helping them learn, besides getting them unit trusts and savings bonds in their name. Additionally, for the children that are avid gamers, getting them some video games that teach them money management while having fun would be a great way to reinforce the lessons that they can learn from the adults around them.
Young adults are at the stage where it is important to learn from their mistakes in a stable, secure environment. A great Chinese New Year gift idea for young adults is financial literacy classes. With a solid grounding on financial management, they will be able to start off their adult lives worrying less about their financial situation. Of course, financial advice from their elders can never go wrong. It is also the time when young adults need to take their health seriously, so gifting them health insurance policies would be helpful. Unit trusts can also be good gifts as they can take a fairly short term to mature, and this is convenient for the young adult in college – they will have a nice little nest egg waiting for them upon graduation.
Many millennials are now watching their friends settle down with their life partner of choice. What better way to wish them well than to give them a gift that will ensure they have a financial fund to fall back on? One of the best Chinese New Year gifts for friends, especially if they are embarking upon a new chapter in their lives, is financial literacy classes as a couple. Health policies and mutual funds are also good Chinese New Year gifts for adults.
It is common that the elders in the Asian community in general find it hard to receive financial gifts from their younger family members. Therefore, some financial Chinese New Year gifts for parents can be gifted indirectly via policies like health insurance, or a savings scheme for elders. Alternately, a fixed deposit can be established for them as an emergency fund. Many elderly folk may find it tough to consolidate their finances, so hiring someone to help them, or even helping them yourself, can be a great gift.
Festivities are a great time to connect with and celebrate being together with your loved ones and gives you a pause from the day-to-day grind of reality. Ultimately, once the festivities end, everyone still has to return to real life. Supporting your loved ones with a financial gift will help to alleviate a bit of the financial stress they face, and for the young ones, help them get a better-quality education when the time comes with the money put away. Money can indeed buy happiness, if invested the right way. Check out our blog for more ways you can give financial gifts to your loved ones.