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Diasporans cutting on eating habits, luxuries to save money for beneficiaries back home

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By Staff Reporter


DIASPORANS have cut on eating out and revised downward the number of people they send money too as a result of a rise in the cost of living, a study has revealed.

According to the study conducted by remittances company WorldRemit, 46% of the 3 000 respondents claimed they now cook more at home to save on day-to-day expenses. This is so they send to families back home.

“In a testament to their resilience, migrants around the world actively conserve daily spending in order to sustain their ability to send money home to support loved ones, reporting they eat out less (49%), save on day-to-day expenses (46%), limit social gatherings to save money (28%), and opt for public transportation rather than driving themselves (25%) since costs have begun to rise,” reads the study.

“Migrants’ resilience and commitment to their loved ones back home has proven to be vital, especially in a period where household expenses are increasing around the world,” said WorldRemit head of the Americas, Jorge Godinez Reyes.

“This latest study proves that even during times of financial instability, many migrants are making conscious adjustments to their daily lives to maintain the regular flow of remittances to families and loved ones back home.”

“As the world adjusts to increased global inflation, more than half (52%) of respondents agree that they now send money abroad to fewer people as a result of the increased cost of living, with 72% now only sending to close family.

“Additionally, 75% of respondents said the cost of living for those they send money to has also increased since the start of the year. What’s notable about the additional financial stress is that respondents also reported that across the key reasons they send for, the amount they’ve sent has often maintained or increased since they began feeling the impact of inflation.

“As the world adjusts to increased global inflation, more than half (52%) of respondents agree that they now send money abroad to fewer people as a result of the increased cost of living, with 72% now only sending to close family.