Fewer families receive remittances between July and September Loop Jamaica

Black Immigrant Daily News

Data from the third quarterly survey of business and consumer confidence have revealed that fewer families received remittances between July and September 2022, due in part to the impact of the COVID-19 pandemic.

In addition, those who received remittances were unable to save any of the funds due to the rising cost of living and the need to cover daily living expenses.

Speaking to the comparative third quarter for 2021 and 2022, pollster Don Anderson said while the number of persons who said they were receiving remittances fell to 29 per cent in 2021, the figure fell even further in 2022, to 25 per cent.

Just over 600 consumers and 100 businesses were polled for the Jamaica Conference Board Survey of Business and Consumer Confidence, which was presented by Anderson, the CEO of Market Research Services Limited, on behalf of the Jamaica Chamber of Commerce (JCC) on Tuesday.

“Fewer households are receiving remittances. Based on the information [that] they used the remittance to cushion their financial situation, in a number of households, the situation will more than likely, especially with the price increases, be difficult…,” Anderson said.

What’s more, “When we asked people if they saved any of this, very few are capable of saving any. The bulk of it is distributed in terms of household expenditure, sending children to school, feeding themselves on a daily basis and taking care of their essential needs,” he said.

Consumers also pointed to the impact of inflation on the cost of goods and services over the last year, with 87 per cent of respondents noting that prices have increased significantly.

“So, when you see a fall off in the number of households receiving remittances, you can therefore match that with the concomitant increase in prices and you can see that consumers, despite all the positives they are expressing, are likely to be feeling a greater pinch now… than two years ago,” the pollster said of the analysis of the data.

The JCC began plotting the data on remittances in 2010, Anderson told attendees to the virtual presentation of the data.

He said over the years, the survey has found that “the volume of remittances received in the country has played a very significant role of helping persons, primarily in the lower sector, to meet their daily household expenditure.”

According to Bank of Jamaica data, total remittance inflows for July 2022 stood at $US 305.5 Million with August posting $US307.2 Million. Data for September is not yet available.

The JCC conducted its survey between July 1 to September 15

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