Spending on education and medical expenses increase as pandemic continues at global scale
● 41% of respondents send money to the Philippines several times a month
● Over half the respondents cited the amount sent for medical expenses increased in 2021
● The Philippine was one of the top most recipient countries for remittances at 18% of our respondents
Research from WorldRemit, a leading global payments company, has found that people sending money from the US, the UK, and Canada continue to adjust their remittance habits to a new way of living due to COVID-19.
The results from WorldRemit’s study of more than 3,000 of its customers paint a striking picture of the importance of remittances to the loved ones of immigrants, alongside the impact we know it has on the global economy.1 68% of respondents sent money abroad at least monthly, with a further 28% sending multiple times a year.
The pandemic has increased expenses and thus, remittances during 2021. When asked to provide context behind sending money home to loved ones, the most common were daily expenses, gifts, medical expenses, and education.
● 44% cited the amount they send for medical expenses has increased
● 41% cited the amount they send for daily expenses has increased
● 38% cited the amount they send for utilities increased
● 35% cited the amount they send for education increased
The Philippines was one of the top most recipient countries for remittances at 18% of our respondents. This trend is likely to continue as these countries continue to recover rapidly from the COVID-19 pandemic — with the country having seen a significant GDP growth of 4.5%.
“We are proud to support customers in every aspect of their lives, as we understand the critical role migrants play in their families in normal circumstances and even more so during a pandemic — ensuring their loved ones have access to medical care and the funds for their day to day needs,” said Earl Melivo, WorldRemit Philippines Country Director.
“WorldRemit strives to offer a reliable, fair and convenient experience for people all around the world supporting their families back home. In turn, we are also inspired by our customers who continue to invest in education despite these uncertain times, thus shaping a better future for their loved ones,” Melivo added.
To learn more about WorldRemit, or to see more results from the survey, please visit their website www.worldremit.com.