Chinese parents have found it difficult but necessary to teach their children some financial lessons, starting tightening their purse strings amid the worsening financial situation.

Zeng Huaying, mother of a ninth grader in Xiamen, east Fujian Province, managed to persuade her 14-year-old son Tang Ling to pool all his red-packet money -- traditionally given to children in red envelopes during Spring Festival to ward off evil spirits -- into a finance management scheme.

Zeng, who works for an auto service company, was quoted by China Daily as saying that her year-end bonus had been halved because of the financial crisis, which partly prompted her to start expounding money management techniques.

Last month, she helped her son open his first bank account.

Tang said his classmates usually go crazy shopping with their red-packet money, splurging on things ranging from Haagen-Dazs ice cream to 1,000-yuan (about US$146) Xbox game consoles.

But with the financial situation worsening, more parents have started tightening their purse strings.

A survey conducted by Jrj.com, a financial information website, and the Legal Evening News showed that 87 percent of respondents would like to start saving for their children's education.

Xia Xueluan, a sociologist at Peking University, was quoted by China Daily as saying that parents should help their children learn more about financial responsibility so they will be productive to society when they grow up.

Tang has deposited about 2,000 yuan of his red-packet money in his bank account and paid 1,000 yuan for health insurance policy.

His financial foresight does not stop there. "I'm going to save for college from now," he said.

(Xinhua News Agency February 7, 2009)