As globalization continues to fuel people’s hopes of providing a better life for families back home, our report reveals that remittance payments cause emotional stress for one in three senders.
Both Sides of the Coin: The Sender’s Story is a continuation to UniTeller’s inaugural report in 2019 which examines the impact of remittances from the sender’s perspective, as well as the financial and emotional costs experienced by migrant workers working in Hong Kong, Singapore and the United States.
As globalization continues to fuel people’s hopes of providing a better life for families back home, our report reveals that remittance payments cause emotional stress for one in three senders.
Key Findings
Most main senders (67%) have more than enough money to live
comfortably aftersending money home.
However, 29% say that they have to make lifestyle sacrifices upon
making remittance payments, highlighting the financial struggles
that many senders have to undertake to remit money back home.
Approximately one in three (32%) expressed that the expectation of
remittance payments impacts relationships with receivers.
Three in four remittance senders (75%) of remittance senders said
they would stilllive abroad even if they didn’t need the money.
There is a growing desire for senders to reside abroad with approximately
one in three (32%) expected to stay in origination markets permanently.
96% of remittance receivers believe that their main senders are happy
in their chosen destination.
There is a significant knowledge gap between senders and receivers when
it comes to the associated transactional costs of remittances. On average,
20% of receivers across all destination markets are unaware of the exact
cost of transactional fees.
Key Findings
Most main senders (67%) have more than enough money to live comfortably after sending money home
However, 29% say that they have to make lifestyle sacrifices upon making remittance payments, highlighting the financial struggles that many senders have to undertaketo remit money back home.
Approximately one in three (32%) expressed that the expectation of remittance payments impacts relationships with receivers.
Three in four remittance senders (75%) of remittance senders said they would stilllive abroad even if they didn’t need the money.
There is a growing desire for senders to reside abroad with approximately one in three (32%) expected to stay in origination markets permanently.
96% of remittance receivers believe that their main senders are happy in their chosen destination.
