- 1 in 10 migrants working in the UK live away from immediate
- Millennial workers are reportedly driving remittance
- Millennials in the UK are also contributing to the growth of international money transfer companies
Despite living away from their families and loved ones, 64% of millennial migrants are happy that they can send money home, according to recent findings of remittance brand Xpress Money. One in 10 migrants living in the UK are away from their children or spouses, but most of the money they make is sent to them to pay for living expenses. While this is quite the sacrifice, Xpress Money says that 60% of migrant workers now provide better financial support to their loved ones back home. International money transfer transactions have grown because of this.
As Sudhesh Giriyan, Chief Operating Officer at Xpress Money, stated: “Besides working hard to improve their own lives, the confidence they have in leading long-term and stable employment is helping them support the loved ones they left behind, as well as the UK economy.” Money transfer services such as Xpress Money have been improving their infrastructure to better facilitate remittances. Xpress Money knows that the funds that go through their platform are absolutely essential for people around the world to stay connected with their families. Remittances often go to utilities, food and health care, but the research also found that the bulk of these funds cover serious expenditures which include medical costs and healthcare.
Remittances have a massive impact on millions across the world. According to the research, 6% of migrant workers have moved to the UK solely to financially help their families back home, and a significant proportion of the money sent home goes towards much more serious needs such as household expenditures, healthcare and medical costs.
Find out more about remittance services by visiting this link regularly.
