SINGAPORE: According to a recent poll by the United Overseas Bank (UOB), Singaporeans are putting aside S$1,500 on average for Lunar New Year.
About a quarter of the money will be spent on new clothes and the rest on reunion dinners, travel and New Year goodies.
The poll had 512 respondents, aged between 18 and 55.
According to the respondents, 43 per cent will be distributed to loved ones in red packets.
That means about each person spends about S$650 on red packets alone.
Singaporeans give their parents S$236 on average and S$143 to grandparents.
Younger family members can expect to receive about half of that, about S$69.
Extended family and non—family members get the smallest red packets of S$12 and S$8.
Among the respondents, 84 per cent said they intend to save the money they receive in red packets.
About a quarter of them said they will spend it all.
Three per cent said they will give the money to family members or to charity.
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