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Economic status and remittance behavior

Published date 2014-04-01
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From the report:

This report analyzes the current financial position and remitting behaviors of migrants living in the United States in the context of the 2008-2009 economic crisis. The report is based on findings from a survey of 2,000 Latin American and Caribbean migrants residing in five major U.S. cities. The findings are also compared to earlier surveys from 2009 and 2010 that characterized the economic position of migrants from Latin America and the Caribbean during the 2008-2009 U.S. recession. The results reveal important nuances of migrants’ economic well-being and transnational engagement.

Remittances constitute a key form of migrant transnational engagement. In 2012, remittances to Latin America and the Caribbean reached over US$61 billion, representing a major source of income for many families, communities, and countries in the region. Migrant remittances can serve an important role in reducing poverty and enabling development. Moreover, remittances often supplement other sources of income, allowing recipients to make greater investments in their health, education, housing and/or businesses.