Over 80% of respondents report concerns about
a potential recession and global inflation, but 98% plan to
continue sending money to support loved ones back home this
79% indicate they tend to send more money back
home when their country of origin is experiencing economic
hardship, further evidenced by MoneyGram's internal data on recent
sends to both Ukraine and
New findings released for International Day of
Family Remittances highlight the financial resilience of migrants
who transfer funds to loved ones to pay for life's
2022 /PRNewswire/ -- MoneyGram International, Inc.
(NASDAQ: MGI), a global leader in the evolution of digital P2P
payments, today released the findings of a new customer survey
detailing trends around how families in the United States are transferring money
around the world this year. These new findings are being released
on the United Nations' International Day of Family Remittances, a
global holiday celebrated annually on June
Migrant families are concerned about potential economic
hardship but expect to prioritize sending money home this
Results of the survey demonstrate respondents remain resilient,
as they have concerns over the economy but expect to continue
sending money to support loved ones. Over 80% of respondents report
concerns about a potential recession and global inflation, but the
overwhelming majority (98%) say they plan to continue sending money
back home throughout the rest of the year.
Additionally, more than three-quarters (79%) indicate they tend
to send more money back home when their country of origin is
experiencing economic hardship. This is further evidenced by
MoneyGram's internal data, which shows a 41% spike in sends from
the U.S. to Ukraine in
March 2022 compared to the same month
the prior year, as well as a steady increase in global sends to
Afghanistan in the last year.
"We're on a mission to deliver innovative financial solutions to
connect the world's communities, and our services are incredibly
important at a time like this," said Alex
Holmes, MoneyGram Chairman and CEO. "If the current economic
volatility leads to prolonged economic hardship, we expect
consumers will likely cut expenses in other areas to prioritize
their families. These survey results underscore the dedication
people have to their loved ones abroad, and I continue to be
inspired by our customers."
Many are sending cross-border money transfers to their
siblings, friends, and parents to pay for basic essentials such as
food, housing, and healthcare.
When asked who respondents are sending to this year, primary
recipients include siblings (49%), friends (48%), and parents
(38%). Survey data also highlights that cross-border money
transfers continue to be used to fund the basic essentials of life
for people around the world. The top four expenses respondents help
cover for recipients are food (72%), housing (55%), healthcare
(52%), and emergencies (44%).
Interestingly, among global concerns around high fuel prices and
supply chain issues impacting the availability of vehicles, nearly
a quarter (22%) of respondents indicate their cross-border money
transfers have gone toward transportation expenses.
Reasons for migration to the United
States include employment opportunities, educational
purposes, and reunions with families.
International Day of Family Remittances recognizes the
contributions made by the more than 200 million migrants to improve
the lives of their 800 million family members and friends back
home. For respondents born outside of the
United States, the survey finds that the main reason for
moving to the U.S. was for employment opportunities (57%), followed
by educational purposes (39%), and reunions with families
"In times of rising costs, it's even more important to offer
consumers affordable options. We've worked hard to modernize our
operations to reduce our cost structure, and as a result, our
average cost for consumers globally is approximately 2.9%, which is
already below UN Sustainable Development Goals to reduce costs of
remittances 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."
This poll was conducted between June 1
and June 6, 2022, among a group of more than 2,500 MoneyGram
customers based in the 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 digital P2P payments, delivers innovative
financial solutions to connect the world's communities. With a
purpose-driven strategy to mobilize the movement of money, a strong
culture of fintech innovation, and leading customer-centric
capabilities, MoneyGram has grown to serve over 150 million people
in the last five years. The Company leverages its modern, mobile,
and API-driven platform and collaborates with the world's top
brands to serve consumers through its direct-to-consumer digital
channel, global retail network, and embedded finance business for
enterprise customers. MoneyGram is also a leader in pioneering
cross-border payment innovation and blockchain-enabled settlement.
For more information, please visit ir.moneygram.com, follow
@MoneyGram on social media, and explore the website and mobile app
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