It’s no secret that since the United Kingdom decided to leave the European Union that the economy has suffered as the value of the pound dropped.
As we approach the one year anniversary of the Brexit vote, Azimo decided to conduct a study* looking more in-depth at how migrants living in the UK have been affected.
85% of people surveyed said that the decision of Brexit has significantly affected their life in the UK – and not in a good way.
It turns out that migrants and their families are losing out financially in the wake of the weakened pound. Over half say that they are having to increase the amount of money they now transfer home in order to meet their families’ needs.
An overwhelming 2 out of 5 migrants said that the amount that they have to pay is up to £100 more than than they had done previously. This leads them to have less money to spend on basic needs like food or rent. A shocking 1 in 5 said that they actually had to move house as they couldn’t afford it any more. Plus, they are unable to afford to travel home and visit their family – which for migrants, is a very important aspect of their lives.
However, despite the weakened pound, foreign workers have still managed to send a combined extra £118 million home every month.
As Marta Krupinska, co-founder and GM of Azimo, put it:
“Our data clearly shows the overwhelming dedication from UK migrants to continue to support their loved ones despite the change in the economic climate in the last year.”
As a company built for migrants by migrants, Azimo will strive to continue to offer the lowest fees possible to our customers in these uncertain times. Our hardworking customers deserve to be able to create a better life for themselves and the world around them.
Head to our homepage and we’ll help you get started sending money to your family and loved ones for super low fees, so you are still able to save.
The research was conducted by Censuswide, with 1,047 consumers across the UK aged 16+ between 03.03.17 – 07.03.17. The survey was conducted from a random sample of UK adults and sample of migrants living in the UK. Censuswide abide by and employ members of the Market Research Society which is based on the ESOMAR principles.