Red ant means: A colloquial catch-all label for any of several reddish-colored ant species, most commonly fire ants in the American South, or red wood ants in British contexts. Not a precise taxonomic term - in. It is finance or tax vocabulary; usage is usually formal or news-related rather than peer slang. There is no real cause for parental concern; it is descriptive vocabulary rather than risky behaviour. This is a food-related word and harmless in itself.