UniTeller’s inaugural report, Both Sides of the Coin: The Receivers’ Story, is the first in a series which looks at the behaviors and attitudes of low-income remittance receivers in the US and Asia.
Almost half of remittances received by households in these countries are used for day-to-day family needs (23%) and bill and loan repayments (25%). Smaller sums are apportioned to areas that may further economic progress such as savings (14%).
93% in Asia say they have the final say on how remittance funds are allocated to meet their family’s needs with 68% expressing an interest in cultivating better financial habits.
Poor financial planning and rising over-dependence on remittances is a common phenomenon with over a quarter (27%) of recipients running out of remittance money regularly.
Over half in India (55%) have a high level of comfort in having excess cash on hand compared with putting it in a bank account. Vietnam is the most averse to cash.
Affinity to technology is high in all countries surveyed. An average of 89% of respondents have a mobile wallet account and 99% have a smartphone.
Security concerns are an issue when it comes to using a non-personal digital interface for 69% of receivers.