Which festival does smashing refer to?

It should be the word "pressing the age", which is the way for elders to give lucky money to their younger generation on New Year's Eve.

Lucky money is a traditional custom of Han nationality. Generally speaking, during the countdown to the Chinese New Year, the elders put money in red envelopes for the younger generation.

Lucky money has a good meaning. It is generally believed that it can ward off evil spirits and keep peace.

It is said that lucky money can kill evil spirits, and the younger generation can spend the first year safely when they get lucky money.