Hong Kong  - Hong Kong people will give out less cash in traditional Chinese New Year "lucky money" packets this year because of the economic slump, according to a survey released Thursday.

Twenty-four per cent of people interviewed in an annual survey said they would be giving out less money in the "lai see" packets handed out by adults to children and employers to employees to mark the start of the Lunar New Year.

Millions of US dollars' worth of notes are withdrawn from banks every Chinese New Year in Hong Kong to be given out in the packets, and the denomination of the notes is seen as an indicator of the territory's economic health.

Six per cent of respondents said they would be handing out 50 Hong Kong dollar notes (6.4 US dollars) in the packets this year, compared to 8 per cent in 2008.

Meanwhile, 59 per cent of the 1,000 respondents said they would give out a more modest 20 dollars in each envelope, 4 percentage points more than in 2008.

The Chinese Year of the Ox begins Monday.

Among recipients, who are mostly young, single people, half said they would prudently save the money rather than rush out and spend it, 5 percentage points more than in the same poll last year.

Hong Kong officially went into recession at the end of 2008 after two quarters of economic contraction. The city's jobless rate has risen to more than 4 per cent, and the Hang Seng Index lost more than 50 per cent of its value in 2008. (dpa)