DALLAS—Consumers in 2022 intend to send remittances at the same levels they did in 2021, a new study from MoneyGram International is forecasting.
A survey showed that as the needs of family and friends abroad continue to increase, 81% of respondents are planning to send at least as much money in 2022 as they did this year.
Approximately 83% of respondents reported an increase in the financial needs of family and friends abroad this year, marking the second consecutive year of this upsurge, Yahoo Finance reported in its analysis.
The MoneyGram survey found that consumers primarily are sending money cross-border to cover the cost of essential needs for loved ones. Nearly three-quarters (73%) reported that those abroad have needed more money for food this year, followed by healthcare (59%) and housing (54%). According to the survey, the “healthcare needs of loved ones abroad increased in the past year,” jumping to the second most important factor impacting decisions to transfer funds. When asked to whom respondents were sending money to this year, the top recipients were siblings (42%), friends (40%) and moms (28%).