[Seol Special] 50,000 Won vs 100,000 Won... Burdensome New Year’s Money... How Much Is Appropriate?

"New Year’s Money and Various Expenses" Top Holiday Burden
New Year’s Money for Middle and High School Students Trending Toward 100,000 Won
Mobile Transfers Spreading in Place of Cash Envelopes

On Lunar New Year’s morning, many people find themselves worrying about the number inside the envelope even before the bowing begins. It is a moment filled with warm words and laughter, yet that brief hesitation over how much New Year’s money to give has become familiar. Alongside the excitement of seeing family, the calculation of "How much is appropriate this time?" starts at the same time.

The standard for how much New Year’s money to give has become more ambiguous than in the past. As people’s sense of what counts as a "reasonable amount" has become less clear, worries and debates continue online. When the reporter asked on social media (SNS) about an appropriate amount of New Year’s money for middle and high school students, some answered that "50,000 won is reasonable," while others argued that "these days, 100,000 won seems to be the norm." New Year’s money still symbolizes the sharing of affection, but the benchmark amount is gradually changing within the holiday landscape.

To celebrate Lunar New Year, children wearing hanbok are performing sebae. Photo by Song Bohyun

According to a survey conducted by KakaoPay through its lifestyle-focused financial brand journal "Pay Attention" on the 16th, respondents ranked "New Year’s money and various other expenses" as the number one source of pressure during Lunar New Year. This indicates that New Year’s money still accounts for a significant share of financial burden among holiday expenditures.

This shift is also evident in actual data. KakaoPay’s analysis of its Lunar New Year remittance-envelope data shows that New Year’s money payments have been increasing every year. Last year, the most common amount of New Year’s money that middle and high school students received via remittance envelopes was 100,000 won. Up until 2024, 50,000 won (39%) exceeded 100,000 won (37%), but last year 100,000 won (42%) overtook 50,000 won (37%). In a previous 2024 analysis, the average New Year’s money received by middle and high school students was 74,000 won, about 1.4 times higher than the 54,000 won average in 2021.

On the 11th, at a senior center in Songpa-gu, Seoul, children from a daycare center wearing hanbok are performing sebae and taking commemorative photos with seniors. Photo by Yonhap News

Differences in perception between generations regarding an appropriate amount of New Year’s money were also identified. In a poll of about 78,000 people conducted by KakaoPay last month under the theme, "How much New Year’s money is appropriate for middle and high school students?", 65% of all respondents chose 50,000 won. However, among people in their 40s to 60s, who mainly give New Year’s money, 70% picked 50,000 won as the appropriate amount, whereas about 60% of teenagers, who mainly receive New Year’s money, answered that 100,000 won is appropriate, revealing a gap in expectations between generations.

The amount of holiday allowance sent to parents’ generation was also substantial. Among respondents in their 20s to 40s, the average holiday allowance transferred to parents via remittance envelopes was 227,000 won. 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 tendency for spending to increase with age.

The Lunar New Year scene itself is changing. Instead of handing over cash in a paper envelope, it has become natural to tap a transfer button on a smartphone. An office worker in his 30s, identified as Mr. A, said, "In the past, I used to stop by the bank before the holidays, but now I often just send the money directly with my phone," adding, "It feels like the standard amount has gone up a bit along with the added convenience." An office worker in her 40s, identified as Ms. B, also said, "Last year I thought 50,000 won was enough, but this year it somehow feels like I should give more," adding, "As I count the number of kids, I start thinking about my wallet first."

New Year's money. Getty Image Bank

According to KakaoPay, between 2020 and 2024, the number of Lunar New Year remittance-envelope transactions increased more than fourfold, and the total amount of money sent and received rose by a factor of 5.3. While it has become commonplace to exchange New Year’s money via smartphone screens instead of paper envelopes, the moment of worrying about "How much is appropriate?" has not changed much.