"How much New Year's money should I give my nephew?" A look at the average for middle schoolers

As Lunar New Year approaches, more adults are feeling burdened by the cost of giving New Year's money to younger relatives. According to a survey conducted by Kakao Pay through its lifestyle finance brand journal "Pay Attention" and released on the 16th, respondents cited "New Year's money and various expenses" as the number one financial burden during the holiday.
An analysis of Kakao Pay's Lunar New Year gift-envelope transfer data shows that the amount of New Year's money given has been rising every year.
Last year, the most common amount of New Year's money received via digital envelopes by middle and high school students was 100,000 won. As recently as 2024, 50,000 won (39%) was more common than 100,000 won (37%). However, last year 100,000 won (42%) overtook 50,000 won (37%).
There was also a significant generation gap in perceptions of what constitutes an appropriate amount. In a poll Kakao Pay conducted last month of about 78,000 people on the question "How much New Year's money is appropriate for middle and high school students?", 65% of all respondents chose 50,000 won.
Among people in their 40s to 60s, who are typically the ones giving New Year's money, 70% said 50,000 won was appropriate. In contrast, among teenagers, who mainly receive the money, 60% answered that 100,000 won was the right amount. The gap highlights the differing perspectives of givers and receivers.
Money given to parents for the holidays was also substantial. Respondents in their 20s to 40s reported giving their parents an average of 227,000 won in holiday allowance via Kakao Pay's gift-envelope transfers.
By age group, people in their 20s gave an average of 190,000 won, those in their 30s 220,000 won, and those in their 40s 230,000 won, showing a slight increase in spending with age.
The growing use of mobile transfers has also contributed to the rise in New Year's money. Between 2020 and 2024, the number of Kakao Pay Lunar New Year gift-envelope transactions increased more than fourfold, while the total amount of money sent and received jumped 5.3 times.

mj@fnnews.com Reporter Park Moon-soo Reporter