Wang Yuanyuan

    The annual Spring Festival is a time for children to become “rich.”

    An online survey conducted last week showed that more than 50 percent of students from large cities in China received more than 3,000 yuan in lucky money this year, with three percent receiving more than 10,000 yuan.

    With such large sums in their hands, what did they do with it?

    According to the survey, 70 percent of students under the age of 12 handed the money over to their parents while 80 percent over 12 were allowed to keep it.

    Many parents took charge of their young children’s lucky money to save it for them and give it back when they grew up. “But actually, like most of my friends, I never see this money again. It just disappears,” said Feng Qianyun, 16, a Senior 2 student at Hongling Middle School in Futian District.

    After turning 14, Feng managed her own lucky money. She usually spent most of it on stationery and books for the coming semester and the rest would go on shopping with classmates.

    “I don’t get as much as some classmates do, just around 2,000 yuan a year, but all that is spent before the semester begins,” she said.

    Some students, particularly those in high school, suddenly end up with more than 20,000 yuan in their pockets. But, because of a lack of self-control and parental supervision*, most spend the money in less than three months on things like mobile phones or an MP3.

    Every semester after winter vacation, students would be more likely to buy snacks, video games and presents for each other, a teacher surnamed Zhang in Buxin Middle School, Luohu District, said on Friday.

    “Most students waste their money and some even compete, comparing how much they receive and how they spend it,” she said.

    However, parents keeping the money for children was not a good idea either, Zhang said.

    “Children will resist when parents take away their lucky money because they think the money belongs to them. In this case, some might hide some money from their parents whereas others might even steal the money back,” she said.

    Education experts suggested parents should guide their children on how to spend money, teaching them how to manage money.