‘Side hustling’ to send cash abroad
WorldRemit, a digital remittances company, announced the results of its second Cost of Living index, where the organisation has sought to understand how the worsening inflation crisis has affected the lives of British remittance senders.
The survey found that 75 per cent of UK remittance senders agreed that the cost of living for the people that they send money to has risen since the start of the year.
Highlighting the impact of inflation on people around the world, two-fifths (40 per cent) noted they now only send money to immediate family, rather than friends and distant relatives. one in nine people rely on money sent from friends and relatives who have migrated abroad for work.
With several factors contributing to increased financial pressure, new data showed that 44 per cent in the UK have taken up a side hustle (a job in addition to their main source of income).
Three in five (62 per cent) did so to keep up with soaring costs and commitment to financially supporting loved ones abroad – something their main source of income cannot cover.
Of the respondents who cited having a side hustle, an overwhelming 87 per cent reported that they would maintain their side hustle in the next 12 months, demonstrating the dedication to improving the lives and futures of themselves and their loved ones abroad.
The most popular side hustle industries among British migrants were delivery, childcare, promotional marketing, teaching, hospitality and artisan and craft production and sales.
Karen Jordaan, Head of UK, WorldRemit said. “These findings demonstrate the grit of economic migrants in adapting to financial stresses and the rising cost of living while still meeting the needs of their families at home, and abroad.”
Picture: Parcel deliveries is one of the ‘side hustles’ used to send money to family Picture: Pixabay
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