Tradition of lucky money a financial strain on elderly

In the midst of Spring Festival, some retirees are facing a financial crunch.

Many have been handing out thousands of yuan in red envelopes to children at family reunions during the holiday, which started on Feb 10.

The age-old custom of giving out small sums of yasuiqian — bad luck suppressing money — to young relatives during the Chinese New Year has in recent years morphed into a race to keep up with the Joneses.