ADVERTISEMENT
TechEconomy
Thursday, June 5, 2025
No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Podcast

Home » WorldRemit Data: Inflation Forces Migrants to Reduce Remittances despite Financial Hardship for Family Overseas

WorldRemit Data: Inflation Forces Migrants to Reduce Remittances despite Financial Hardship for Family Overseas

Techeconomy by Techeconomy
January 13, 2023
in Finance
1
Will Remittance Trends from 2022 in Ghana Continue in 2023 - article
Remittance via Worldremit

Remittance via Worldremit

RelatedPosts

Hot money in Nigeria - Naira | official market

Naira Strengthens Further in Official Market, Closes at N1,565/$1

June 5, 2025

Naira Appreciates to N1,579/$1 as Market Confidence Grows

June 4, 2025

Key Points:

  • 82% of remittance senders agreed that the cost of living for those they send money to has increased since the start of the year
  • 45% of senders restricting remittances solely to immediate family members as a result of inflation
  • More than half (54%) of remittance senders have taken up a side-hustle since the global COVID-19 pandemic; almost one-fifth (19%) did so to continue to be able to support friends and family abroad

WorldRemit, a leading digital remittances company, announces the results of its second Cost of Living index, where the organization has sought to understand how the worsening inflation crisis has affected the lives of international money senders around the world.

The survey found that 82% of remittance senders, including Cameroonian migrants, agreed that the cost of living for the people who they send money to has risen since the start of the year.

Highlighting the impact of inflation on people around the world, almost half (45%) noted they now only send money to immediate family, rather than friends and distant relatives. 1 in 9 people worldwide rely on money sent from friends and relatives who have migrated abroad for work.

With several factors contributing to increased financial pressure, new data showed that 72% of respondents in the US, 41% in Australia, and 44% in the UK have taken up a side hustle (a job in addition to their main source of income), with 27% of respondents on average across our three markets indicating they did so to support the increase in their own cost of living.

Imane Charioui, Director at WorldRemit
Advertisements
MTN ADS
Imane Charioui, Director of Francophone Africa & Middle East, WorldRemit

Of the respondents who cited having a side hustle, 89% reported that they would maintain their side hustle in the next 12 months.

Households around the world are set to re-examine their spending habits in light of inflation, with more than a quarter of respondents (26%) saying that they are curtailing discretionary spending on entertainment such as dining out or going to the cinema or theatre.

For example, in the UK, nearly two-thirds (65%) of people noted concerns regarding the cost of utility bills, highlighting the change in spending habits of UK households as a result of the energy crisis.

“The inventive solutions, such as side hustles, that we are seeing as a result of the current economic landscape point to the resilience of migrants and their commitment to financially supporting loved ones overseas,” said Imane Charioui, Director of Francophone Africa & Middle East, WorldRemit “These findings demonstrate the grit of economic migrants in adapting to wider financial stresses and the rising cost of living while still meeting the needs of their families at home, and abroad.”

The multi-country WorldRemit study was fielded in October 2022 to determine the ongoing effects of the increased cost of living on international money senders in the United States, United Kingdom and Australia, resulting in observations from 2,687 international remittance senders.

Whilst there were minor differences, broadly speaking, 1st generation migrants’ views were aligned with those of the overall sample in our survey.

Loading

Author

  • Techeconomy
    Techeconomy

    View all posts
0Shares
Tags: Imane ChariouiInflationRemittancesWorldRemit
Previous Post

Nigeria’s Bujeti Accepted into Y Combinator 2023 Cohort  

Next Post

Infobip Reveals its Top Five Trends for Customer Experience and Omnichannel Comms for 2023

Techeconomy

Techeconomy

Related Posts

Hot money in Nigeria - Naira | official market
Finance

Naira Strengthens Further in Official Market, Closes at N1,565/$1

by Peter Oluka
June 5, 2025
0

The naira continued to strengthen in the official market on Wednesday, closing at N1,565/$1, a 0.89% appreciation from the previous...

Read more
Naira vs Dollar | Asset management

Naira Appreciates to N1,579/$1 as Market Confidence Grows

June 4, 2025
Tony Elumelu, chairman of UBA

Tony Elumelu Buys N43.9bn Worth of UBA Shares to Boost Stake

June 3, 2025
NairaWatch, Naira and dollar

Naira Appreciates, Closes at N1,582/$1 in Official Market

June 3, 2025
Agentforce for financial services by Salesforce

Salesforce Introduces Agentforce for Financial Services to Address Shrinking Workforces

June 2, 2025
Segun Alebiosu, CEO, FirstBank China-Africa Interbank Association | FirstBank Agent Credit

FirstBank Disburses N1billion in One Day via Agent Credit Scheme

June 2, 2025
Next Post
Ivan Ostojić, Chief Business Officer at Infobip

Infobip Reveals its Top Five Trends for Customer Experience and Omnichannel Comms for 2023

Comments 1

  1. Pingback: How to Send US Dollars, other Foreign Currencies to Nigeria – Asset Market News

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Techeconomy Podcast

Techeconomy Podcast
Techeconomy Podcast

Infowave is brought to you by TechEconomy. Every week we will bring new stories from startups and influencers who are shaping and changing the world we live in. We’ll also bring you reports on topics you should know.

Follow us @techeconomyng for more.

TECH TALK EPISODE 2
byTecheconomy

PRODUCTIVITY AND WORK-Life Balance

TECH TALK EPISODE 2
TECH TALK EPISODE 2
May 22, 2025
Techeconomy
CYBERSECURITY ESSENTIALS
April 24, 2025
Techeconomy
Digital Marketing Trends and strategies for 2025 and beyond
February 27, 2025
Techeconomy
Major Lesson for Techies in 2024 and Projections for 2025
December 6, 2024
Techeconomy
Major Lessons for Techies in an AI-Driven World | Techeconomy Business Series Highlights
November 26, 2024
Techeconomy
Maximizing Profitability Through Seasonal Sales: Strategies For Success
November 8, 2024
Techeconomy
Techeconomy Business Series
October 15, 2024
Techeconomy
PRIVACY IN THE ERA OF AI: GETTING YOUR BUSINESS READY
May 30, 2024
Techeconomy
Unravel the Secrets of Marketing Everywhere All At Once with Isaac Akanni from Infobip | Infowave Podcast Episode 1
February 9, 2024
Techeconomy
The Role of Ed-tech in Life Long Learning and Continuous Education
October 19, 2023
Techeconomy
Search Results placeholder

WHAT IS TRENDING

https://www.youtube.com/watch?v=g_MCUwS2woc&list=PL6bbK-xx1KbIgX-IzYdqISXq1pUsuA4dz

Follow Us

  • About Us
  • Contact Us
  • Careers
  • Privacy Policy

© 2025 Techeconomy - Designed by Opimedia.

No Result
View All Result
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
      • Accessories
      • Phones
      • Laptop
      • Gadgets and Appliances
      • Apps
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
      • Broadband
    • Mobility
    • Environment
    • Travel
    • Commerce
    • StartUPs
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • Appointment
    • EventDIARY
    • Editorial
  • Apply
  • TecheconomyTV
  • Techeconomy Events
  • BusinesSENSE For SMEs
  • TBS

© 2025 Techeconomy - Designed by Opimedia.

Translate »
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.