"Please Make 30,000 Won Bills Too" New Year's Money Already a Burden

Stress Even from New Year's Money Due to High Inflation
Seol Holiday Burden 'Expense Spending' Ranked No. 1

Ms. A, a housewife in her 50s, is facing many worries ahead of Seollal. She said, "I want to give all the pocket money, but prices these days are no joke," adding, "Giving 10,000 won feels a bit too little, but if I give 50,000 won, it quickly adds up to several hundred thousand won." She also added, "It would be nice if there were 30,000 won bills. Still, it's burdensome for people who work."

Seollal, the great national holiday, is a time for families to gather, share meals, and chat, but more and more people are feeling burdened by the considerable costs of holiday preparations. In particular, last year's consumer price inflation rate reached 5.1%, the highest in 24 years since the foreign exchange crisis, and public utility fees are also expected to rise one after another. Amid this steep rise in prices, concerns about the expenses for Sebaetdon (New Year's money) are growing.

According to a survey conducted by Incruit on 828 of its members about the "average expected expenditure during the Seollal holiday," gifts and family pocket money ranked first and second with averages of 400,000 won and 380,000 won, respectively. Following these were ▲ancestral rites preparation (250,000 won) ▲dining out (210,000 won) ▲transportation (130,000 won).

As a result, citizens say they do not look forward to the holiday. In fact, on the office worker community Blind, posts related to "pocket money" flood in during the holidays. Discussions arise not only about nephews and nieces but also about what amount is appropriate for parents' pocket money. One poster even asked, "What is a price for parents' pocket money that is neither embarrassing nor burdensome?"

Incruit conducted a survey of 828 members on 'The Burden and Preparation Plans for This Lunar New Year Holiday.' Image source=Incruit

Meanwhile, the burden of holiday pocket money amid high inflation is not new. Although "according to one's means" is always mentioned as the right answer, unlike costs that can be reduced such as ancestral rites and dining out, pocket money is given in fixed currency denominations, so it cannot be reduced. In the survey about "burden and preparation plans for this Seollal holiday," the biggest reason for stress related to the holiday was "holiday expenses" at 21.8%. Next were ▲reduced personal free time due to spending time with family (17.3%) ▲family disagreements (15.2%) ▲nagging (12.2%), among others.

Therefore, some suggest that thoughtful gifts are better than giving cash pocket money. If large amounts of pocket money are burdensome, it is better to combine 1,000 won, 5,000 won, 10,000 won, and 50,000 won bills to make "50,000 won" or to buy items that are usually needed.