One of the treats young Chinese look forward to during the Spring Festival or Chinese New Year holiday is red packets, or hongbao.

Hongbao are given out by parents, relatives and friends and contain a token sum of money.

Chinese traditionally consider the color red as a symbol of luck and happiness, while the small amount of cash signifies wealth. So the red packets serve as talismans of luck, prosperity, health and safety being given from seniors to juniors.

Concerns have been raised, however, over the effect of such a custom if children are not taught how to use the money they receive correctly. The increasing amounts of money in the packets, with the rising affluence of families in the country, is said to be adding to such worries.

In the city of Jinan, Shandong province, five elementary school students spent 30,000 yuan ($4,200) from their Spring Festival hongbao in a department store in a single day, the Jinan Daily had reported.

In Qingdao, Shandong, four nine-year-olds lost 5,000 yuan gambling over three days, the Qingdao Daily reported.

A lawyer was engaged to help recover the money and the event aroused widespread attention in the coastal city, the paper said.

A survey in Chengdu in Sichuan province found that half of the parents polled put 200 to 400 yuan in each red packet for their children.

Media reports have looked at the negative impact of the bulging red packets, with some arguing that parents should educate youngsters on how to manage their money.

"It is part of the social ethos affecting our children.

"She (my daughter) asked for 20,000 yuan from me and I refused.

"I heard her showing off to her classmates on Feb 12 that she had already received more than 20,000 yuan in red packet money (from relatives). She said she felt proud to receive more money than her classmates."

A mother surnamed Wang in Shijiazhuang, Hebei province

"Money is now one of the major forms of inducement for juvenile crime.

"Investigations have shown 70 percent of juvenile crimes are related to money. It`s easier for kids who have more money to break the law, for they have more chances to go to underground casinos and discos.

"Children don`t know how to correctly use their red packet money, which reflects current educational gaps in China, especially in the field of financial management for children."

Guan Ying, a Tianjin Academy of Social Sciences researcher

"Parents have to guide kids to use their red packet money wisely.

"First of all, help to open a demand deposit account for kids; give the savings passbook to them and tell them to withdraw money if needed.

"Second, guide kids to make a plan for using money; tell them the basic principles.

"Third, teach kids to keep a record of how they spent the money; let them be aware of their financial situation."

Liu Danning, an expert from the provincial branch of the China Everbright Bank in Heilongjiang province