Business News of 2013-12-18

£31.5m to be transferred by UK’s global workforce on ‘Family Friday’

On December 20, Britain’s global workforce are expected to transfer a record £31.5 million – almost equal to John Lewis’ record day for sales in 2012 - to friends and family worldwide on ‘Family Friday’ according to statistics released by money transfer company, MoneyGram. Expected to be the busiest day of the year, the festive sends are anticipated to show growth of more than 20 per cent year on year.
Family Friday, which falls on the last Friday before Christmas, is the money transfer peak in a month in which £650 million is set to be sent abroad by those anxious to share their wealth with loved ones.
It is believed that more than 162,000 people in the UK will use money transfer services on December 20, to give everything from the gift of financial security to a special seasonal treat over the festive period. Approximately 2.5 million individuals – one in 25 of the population - will transfer money to their family and friends using companies such as MoneyGram throughout December.
This global currency of giving makes a positive contribution at its origin and destination. The most generous nationalities are led by Romania, Bulgaria, Nigeria and India. There is set to be an increase of 30 per cent in the number of Romanians sending money home compared to an average of 6 per cent across all nationalities in December. Bulgaria is in second place on 18 per cent.
That the global workforce generates shared prosperity tallies with a recent report from University College London, which revealed that migrants generate a positive economic impact and are 45 per cent less likely to receive state benefits and tax credits, than the natives.
Paul Harrison, a MoneyGram customer who regularly sends money from UK to family in Jamaica commented: “Christmas is the time of year to show love and appreciation to family members. As we won’t be in Jamaica, using money transfer services allows us to send cash quickly, conveniently and safely to family members who may be in remote locations. We work hard for our money, so we want to share it with those we love and know that it’s put a smile on their faces.”
Carl-Olav Scheible, Executive Vice President, MoneyGram comments: “Workforces may be becoming more global and fluid, but the desire to be close to family and friends at this time of year defies differences in race or culture. Sending an almost instantaneous cash transfer is the closest people can get to handing the money to loved ones themselves. Sometimes it’s a special treat, often it is a vital support to recipients, and it’s nearly always more than just a financial transaction.
The market for money transfer is growing rapidly, and it’s important that the infrastructure is in place to support those who choose - or need - to give and receive money outside the traditional banking system.”