WORLDREMIT Group Ltd., a leading digital remittances company, announced the results of its second Cost of Living index, where the organization has sought to understand how the worsening inflation crisis has affected the lives of international money senders around the world.
Highlighting the impact of inflation on people around the world, almost half noted they now only send money to immediate family, rather than friends and distant relatives. 1 in 9 people worldwide rely on money sent from friends and relatives who have migrated abroad for work.
Households around the world are set to re-examine their spending habits in light of inflation, with more than a quarter of respondents saying that they are curtailing discretionary spending on entertainment such as dining out or going to the cinema or theatre. For example, in the UK, nearly two-thirds of people noted concerns regarding the cost of utility bills, highlighting the change in spending habits of UK households as a result of the energy crisis.
Source: News Formal (newsformal.com)
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