Migrant families worry about potential economic hardship but expect to prioritize sending money home, new MoneyGram survey finds

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More than 80% of respondents say they are concerned about a potential recession and global inflation, but 98% plan to continue sending money to support loved ones back home this year.

79% say they tend to send more money home when their home country is experiencing economic difficulties, as evidenced by internal MoneyGram data on recent shipments to both Ukraine and Afghanistan

New findings released on the International Day of Family Remittances highlight the financial resilience of migrants who transfer remittances to loved ones to pay for necessities of life

DALLAS, June 16, 2022 /PRNewswire/ — MoneyGram International, Inc. (NASDAQ: MGI), a global leader in the evolution of P2P digital payments, today released the results of a new customer survey detailing trends in how families United States are transferring money worldwide this year. These new results are released on the occasion of the United Nations’ International Day of Family Remittances, a global holiday celebrated each year on June 16.

Migrant families worry about potential economic hardship but expect to prioritize sending money home, new MoneyGram survey finds

Migrant families are worried about potential economic hardship but expect to prioritize sending money home this year.

The survey results show that respondents remain resilient as they are concerned about the economy but expect to continue sending money to support loved ones. Over 80% of respondents say they are concerned about a potential recession and global inflation, but the overwhelming majority (98%) say they plan to continue sending money home throughout the year .

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Additionally, more than three-quarters (79%) say they tend to send more money home when their home country experiences economic difficulties. This is further evidenced by internal MoneyGram data, which shows a 41% spike in shipments from the US to Ukraine in March 2022 compared to the same month of the previous year, as well as a constant increase in worldwide shipments to Afghanistan in the last year.

“We are on a mission to provide innovative financial solutions to connect communities around the world, and our services are extremely important at a time like this,” said Alex Holmes, chairman and CEO of MoneyGram. “If the current economic volatility leads to prolonged economic hardship, we anticipate that consumers will likely reduce spending in other areas to put their families first. These survey results underscore the dedication people have to their loved ones overseas, and I continue to be inspired by our customers. .”

Many send money transfers across borders to siblings, friends and relatives to pay for basic necessities such as food, shelter and healthcare.

When asked who respondents are sending to this year, the top recipients are siblings (49%), friends (48%) and parents (38%). The survey data also underscores that cross-border money transfers continue to be used to finance the basic needs of life for people around the world. The top four expenses that respondents help cover for beneficiaries are food (72%), housing (55%), health care (52%) and emergencies (44%).

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Interestingly, among global concerns about high fuel prices and supply chain issues impacting vehicle availability, almost a quarter (22%) of respondents say their cross-border money transfers have was spent on transportation expenses.

Reasons for migration to United States include employment opportunities, educational purposes and reunification with families.

International Day of Family Remittances recognizes the contributions made by more than 200 million migrants to improve the lives of 800 million family members and friends back home. For respondents born outside of United Statesthe survey reveals that the main reason for moving to the United States was job opportunities (57%), followed by studies (39%) and reunion with families (35%).

“In times of rising costs, it is even more important to provide consumers with affordable options. We have worked hard to modernize our operations to reduce our cost structure, and therefore our average cost to consumers in the world is around 2.9%, which is already below the United Nations Sustainable Development Goals to reduce remittance costs to less than 3% by 2030,” Holmes concluded. “We are extremely proud of the customer-centric platform we’ve built and the key role MoneyGram plays in serving families.”

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Survey methodology

This survey was conducted between June 1 and June 6, 2022among a group of more than 2,500 MoneyGram customers based in United States. The survey was created by MoneyGram and conducted through an online survey platform. Participation was voluntary and respondents were not compensated.

About MoneyGram International, Inc.

MoneyGram International, Inc. (NASDAQ: MGI), a global leader in the evolution of P2P digital payments, provides innovative financial solutions to connect communities around the world. With a focused strategy to mobilize the movement of money, a strong culture of fintech innovation, and industry-leading customer-centric capabilities, MoneyGram has grown to serve more than 150 million people over the past five years. . The company leverages its modern, mobile-based, API-based platform and works with the world’s leading brands to serve consumers through its direct-to-consumer digital channel, global retail network and integrated finance business. for corporate clients. MoneyGram is also a leader in pioneering innovation in cross-border payment and blockchain-enabled settlement. For more information, visit ir.moneygram.com, follow @MoneyGram on social media, and explore the website and mobile app through moneygram.com.

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Migrant families worry about potential economic hardship but expect to prioritize sending money home, new MoneyGram survey finds

Migrant families worry about potential economic hardship but expect to prioritize sending money home, new MoneyGram survey finds

MoneyGram Logo (PRNewsfoto/MoneyGram)

MoneyGram Logo (PRNewsfoto/MoneyGram)

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