In just two weeks time we will once again be celebrating the International Family Day of Remittances, which is a far more important date in the calendar than many give it credit for. Today we are going to take a look into how this important day come into being, what it means for the global economy and how many people around the world will be marking the day.
Let’s take a look into this special day and what exactly it is seeking to achieve.
Creation of IFDR
This was an idea conceived at the UN General Assembly and held its first celebration back in 2015. This idea came off the back of a plan to end world poverty, with the UN recognizing the huge impact which remittances can have on that. The UN has set goals to bring down the cost of sending remittances to under 3% by 2030, and to get rid of remittance corridors with costs higher than 5%.
Lowering Costs
Remittances are beneficial to both the nation they are sent from and the receiving country, but it is imperative that costs are continuously reduced to encourage more remittances. We have already taken a big leap in recent years thanks to the likes of the Ria Money Transfer app for international transfers, which has slashed traditional fees and makes the process more fast and secure than ever before. The UN is working with many companies and nations to ensure that the costs of these transfers continues to fall.
Why Remittances Are So Important
As of this year there are 233 million migrant workers around the world, who combine to send over $650 billion to some 800 million family members. In most cases the remittances are being sent from a wealthy nation to a poorer one, in order to support family members who are struggling. This day is about celebrating the great work which so many people do in sending money home, and how important that action is in terms of ending world poverty.
Purpose of the IFDR Day
The purpose of this particular day is to raise awareness and spread information about juts how positive remittances can be. This helps to encourage more people to send money back home, helping them to learn about the most efficient and low cost ways of doing so too. Additionally it is about putting pressure on the powers that be to help decrease the cost of sending money abroad.
Social Media Importance
Each year we see social media used more heavily when it comes to this day, as people share what they are doing to celebrate. Using the hashtag #familyremittances, schools, groups and workplaces can showcase how they are raising awareness and encourage others to do the same. There is a lot of positivity around this day and the more people that get involved, the larger it will grow in the coming years.
Will you be getting involved in this year’s International Family Day of Remittances?
