Migrant Families are Concerned about Potential Economic Hardship but Expect to Prioritize Sending Money Home, New MoneyGram Survey Finds
Over 80% of respondents report concerns about a potential recession and global inflation, but 98% plan to continue sending money to support loved ones back home this year
79% indicate they tend to send more money back home when their country of origin is experiencing economic hardship, further evidenced by
New findings released for International Day of Family Remittances highlight the financial resilience of migrants who transfer funds to loved ones to pay for life's essentials
Migrant families are concerned about potential economic hardship but expect to prioritize sending money home this year.
Results of the survey demonstrate respondents remain resilient, as they have concerns over the economy but expect to continue sending money to support loved ones. Over 80% of respondents report concerns about a potential recession and global inflation, but the overwhelming majority (98%) say they plan to continue sending money back home throughout the rest of the year.
Additionally, more than three-quarters (79%) indicate they tend to send more money back home when their country of origin is experiencing economic hardship. This is further evidenced by
"We're on a mission to deliver innovative financial solutions to connect the world's communities, and our services are incredibly important at a time like this," said
Many are sending cross-border money transfers to their siblings, friends, and parents to pay for basic essentials such as food, housing, and healthcare.
When asked who respondents are sending to this year, primary recipients include siblings (49%), friends (48%), and parents (38%). Survey data also highlights that cross-border money transfers continue to be used to fund the basic essentials of life for people around the world. The top four expenses respondents help cover for recipients are food (72%), housing (55%), healthcare (52%), and emergencies (44%).
Interestingly, among global concerns around high fuel prices and supply chain issues impacting the availability of vehicles, nearly a quarter (22%) of respondents indicate their cross-border money transfers have gone toward transportation expenses.
Reasons for migration to
International Day of Family Remittances recognizes the contributions made by the more than 200 million migrants to improve the lives of their 800 million family members and friends back home. For respondents born outside of
"In times of rising costs, it's even more important to offer consumers affordable options. We've worked hard to modernize our operations to reduce our cost structure, and as a result, our average cost for consumers globally is approximately 2.9%, which is already below UN Sustainable Development Goals to reduce costs of remittances to less than 3% by 2030," Holmes concluded. "We are extremely proud of the customer-centric platform we've built, and the key role
This poll was conducted
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