SAN FRANCISCO—A new study shows that consumers who use remittances fear a recession combined with inflation could limit their ability to transfer money this year.
The report is based on a survey by MoneyGram, conducted in partnership with 8 Acre Perspective, that included 1,000 U.S. consumers who sent money abroad over the course of the past year. The survey explores emerging patterns and anticipated catalysts for expansion in the worldwide payments sector, The Paypers said.
The Key Findings
According to the report, key findings:
- As shown in the study, 9 in 10 respondents voiced their worries regarding inflation or an impending recession potentially hampering the amount of funds they will be able to transfer overseas this year.
- However, over 75% of them stated that they still expect to transfer the same or a higher amount in 2023. Even more so, 42% of respondents have argued that, in case of an economic decline, they will raise the amount they send to help ease the financial burden their friends or family are struggling with.
- According to the survey, 63% of those surveyed said that they continuously send funds abroad to offer support, while 52% of them explained that they sent funds to help during an unexpected situation. Half of the respondents expressed that when compared to the situation from a year ago, the needs of their loved ones have increased, while 44% of them stated that their requirements remain unchanged.
- One constant among all age groups was the affinity for digital money transfer platforms. Even more to this point, over 85% of respondents argued that they mainly use digital methods to send money abroad, and almost half of them expressed that they increased the volume of digital transfers that they made, the Paypers noted it its analysis.
- Another constant among all generations is the interest in seeing blockchain technology leveraged in the money transfer space.
- “When it comes to the popularity of apps and websites for money transfers, the survey indicates that younger generations, primarily Gen Z and Millennials, show a clear preference for using apps. Most of the respondents argued that they would be interested in utilizing an app that facilitated the resolution of a wide spectrum of financial needs that would complement the existing core remittance service,” the Paypers noted.
It’s Called Fresh for a Reason. And We Offer Home Delivery. For Free!
The biggest, best and freshest news reporting in credit unions remains free in ’23! Each morning CUToday.info delivers its daily Fresh Today news update offering the latest headlines and breaking news right to your email, with the easy-to-read headlines format allowing you to click on the stories that interest you most in order to learn more.
If you haven’t yet signed up for the new email solution on which CUToday.info has partnered with ResponseGenius, you can do so here. Signing up requires less than one minute of your time—and it’s free!
Please note that after signing up you may need to go to your Spam/Junk folder and mark the morning headlines email as safe. CUToday.info does not provide its list of readers and emails to outside parties, and we will not be contacting you to sell you an extended warranty or sending you any links so you may cash in on an inheritance you didn’t know was coming.
And did we mention it’s free?
Please note and/or make your IT department or email administrator aware the emails will be coming from the domains CUTodayinfo.com and CUTodayinfoReply.com.