Key Points
- New research has found that migrants living in Australia send 11 per cent of their annual income home as remittance.
- Four in five migrants say being able to send money to their friends or family gives them a sense of purpose.
- Due to inflation, over half of migrants say they've had to work extra hours to continue sending remittance payments.
Just over half (51 per cent) of migrants living in Australia believe their friends or family would be in poverty if it wasn't for them sending regular payments back home, a new report shows.
The Western Union report – The Value of Remittance – looks to shed light on the real-world impact of remittance payments. It found 57 per cent of migrants believe that without being able to send money, their family or friends would not be able to afford medical treatment. Fifty-six per cent state they would not be able to afford good quality food.
Fifty-three per cent went on to say their family would not be able to attend school or further education if it wasn't for the remittance that they send. Fifty-one per cent stated they wouldn't be able to afford their rent or mortgage.
The study, which surveyed 1,500 migrants living in Australia, shows the positive effect remittance payments have on families around the world. The report found 79 per cent of migrants believe their family's quality of life has improved vastly due to the money that they send, and 77 per cent believe their family and friends have more opportunities in life as a result of their remittance payments.
How is remittance being used by families of migrants living in Australia?
On average, migrants were found to send 11 per cent of their annual income as remittance. The primary reasons for sending remittance included contributing towards their family's food bill (67 per cent), healthcare costs (60 per cent) and accommodation (42 per cent).
Ninety-two per cent of migrants said they had sent money to family back home in the past 12 months and 67 per cent of migrants stated that being able to send money to family back home was a key factor in their decision to move to Australia.
Source: SBS News
The pressure of providing for those back home
The study found that, with rising inflation, many migrants are struggling with the pressure of providing for their families and friends back home.
Over half (56 per cent) of migrants stated they've had to work extra hours or have started another job to continue sending remittance payments. Sixty-two per cent say they've had to reduce the amount of remittance that they send due to rising living costs. Over half (52 per cent) reported they were concerned about the possibility of losing their job in the next 12 months and the impact this will have on their families back home.
This pressure is having a profound strain on the mental well-being of migrants living in Australia.
Sixty-nine per cent said the responsibility of having to support their family or friends can sometimes be too much to bear and a further 69 per cent of migrants say they regularly make sacrifices in their own life to ensure that they are able to continue sending money to their friends or family.
Fifty-eight per cent also reported that they often feel lonely, suggesting many migrants are prioritising work over building their personal relationships.
Despite this, 81 per cent of migrants stated that the fact that they are able to send money to their friends or family gives their life a sense of purpose. Almost three-quarters (73 per cent) of migrants say that without having moved to Australia they may not have been able to support their friends or family financially at all.
Source: SBS News Source: SBS News
