Sebae
Sebae is a traditionally observed activity on Seollal, and is filial-piety-oriented. Children wish their elders (grandparents, aunts and uncles, parents) a happy new year by performing one deep traditional bow (rites with more than one bow involved are usually for the deceased) and the words saehae bok mani badeuseyo (Hangul: 새해 복 많이 받으세요) which translates to Receive many New Year blessings, or more loosely, "Have a blessed New Year." Parents typically reward this gesture by giving their children new year's money, or "pocket money," (usually in the form of crisp paper money) in luck bags made with beautiful silk design and offering words of wisdom, deokdam. Historically, parents gave out rice cakes (ddeok) and fruit to their children instead. Before and during the bowing ceremony, children wear hanboks as a respectful way to appreciate ancestors and elders.
Read more about this topic: Korean New Year