Millennial migrant workers in UK are sending more money back home than their older counterparts, a survey conducted by Xpress Money showed.

“One of the most interesting aspects of the survey revealed that millennial migrant workers were the most generous, sending more on average than those aged between 35 and 54,” Xpress Money said in a statement. It added that on an average two-thirds of migrant workers send up to £199 a month. Millennial migrant workers send on average £202 which is £16 more than those aged between 35 and 54.

The survey states that 25% of the remitted money goes into paying electricity and gas bills, 25% into healthcare and medical costs and 17% is spend on buying food and water. The biggest beneficiaries of remittances are parents receiving 54%, followed by siblings getting 10% of the transfers from UK.

Xpress Money states that not all money earned in the UK, leaves the UK. “Migrant workers are also contributing to the UK, with the majority (62%) of workers’ earnings being fed back into the economy, and a fifth (21%) put into savings,” it said.  Spends on rent and bills form 31% while food and grocery shopping constitute 24% of their expenditure to sustain life in the UK.

Two out of three migrant workers claimed they are equipped to provide better financial support to their families through remittances which has helped elevate their economic status back home, the survey showed.

Also, migrants are highly confident about their job prospects in the UK. According to the survey, 75% of the respondents said they expect to remain in employment in the next two years and 69% are confident they will be able to continue sending money to their families. It adds that 66% of the respondents agree their annual income is now significantly higher thus resulting in more disposal income.

 

by Parnika Sokhi
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