My 5-year-old son's winter vacation homework had an element of financial education. He will prepare for a short presentation about how he would spend the lucky money received during the Spring Festival.

Lucky money, or yasuiqian in Chinese, is wrapped in red envelopes and given by elders as a wish for good luck in the new year.

When I was my son's age, the routine was to hand in all the lucky money I got, usually less than 20 yuan ($3), to my mother, who had the financial power at home. She said she had to give other children the same amount of or even more money as a return of best wishes.