Are Australians willing to financially help families overseas, despite the rising cost of living?

Are Australians willing to financially

help families overseas, despite the

rising cost of living?

A Money Transfer Comparison study

May 2022

Money Transfer Comparison commissioned an independent survey of 625 Australians who have

family overseas to gauge whether they plan to help them financially, despite the rising cost of living.

Respondents were asked to select the type of help they were willing to provide, including sending

money, paying bills, or sending gifts. Respondents were also asked how much money they would

send over the next two years if their families required assistance.

The survey respondents cover a geographical and population spread that is reflective of the

Australian population.

About the study

In the survey, more than half (54 per cent) of respondents said they plan to help their family

overseas. Specifically, 35 per cent of respondents would send money overseas, 12 per cent would pay

their bills at least once, while 6 per cent would send their family goods. Forty-six (46) per cent do not

plan to send overseas family members any financial support or goods.

What proportion of Australians plan to financially support

their families overseas?

46%

35%

13%

Yes, I plan to send money

Yes, I plan to pay necessary bills

Yes, I will send them goods

What proportion of Australians plan to financially support

their families overseas?

Younger Australians appear to be more willing to help their families overseas: 65 per cent of 18-30-

year-olds said they would provide some form of support, compared with 59 per cent of 31-50-year-

olds and 41 per cent of over-50s.

Across the States, Victorians were more willing to help family overseas by sending money, goods or

paying bills. Sixty (60 per cent) of Victorians said they would aid them financially, compared with 54

per cent of NSW residents, 52 per cent of QLD residents, 44 per cent of WA residents and 36 per cent

of South Australians.

What proportion of Australians plan to financially support

their families overseas?

What proportion of Australians plan to financially support

their families overseas?

32% said they would be willing to send less than $500 to their family overseas if they really

needed it in the next two years

16% said they would send $10,000 or more

30% said they would send $5000 or more

37% said they would send $1000-3000

How much money would Australians be willing to send to

family overseas over the next two years?

A higher proportion of younger age groups planned to send more in funds: 52 per cent of 18-30-year-

olds said they would send their families more than $3000, compared with 49 per cent of 31-50-year-

olds and 38 per cent of over-50s.

Fourteen (14) per cent of respondents aged 18-30 were willing to spend $10k or more, whilst 20 per

cent of 31-50-year-olds were willing to spend the same.

31-50-year-olds were most willing to spend $10k or more (chosen by 20 per cent), whilst the 50+ age

group (chosen by 15 per cent) and 18-30 year-olds (chosen by 14 per cent) were less likely to spend as

much.

How much money would Australians be willing to send to

family overseas over the next two years?

62%

61%

52%

57%

49%

South Australians and Queenslanders

were less likely to send significant funds to

family overseas: 62 per cent and 61 per

cent respectively were willing to send up

to $1000. Compared to 57 per cent of WA

residents, 52 per cent of NSW residents,

and 49 per cent of Victorians who said the

same.

Australian residents willing to send up to $1000 to family

overseas

Half (51 per cent) of Victorians, and NSW residents (49 per cent) were willing to send $3000 or above

in funds, whilst 43 per cent of WA residents were willing to spend the same. In contrast, 40 per cent of

Queenslanders and 38 per cent of South Australians were willing to send more than $3000.

Residents in NSW and WA were most likely to spend $10k or more, chosen by 19 per cent and 18 per

cent respectively. Victorians (chosen by 15 per cent), South Australians (chosen by 11 per cent) and

Queenslanders (chosen by 10 per cent) were less likely to spend $10k or more.

How much money would Australians be willing to send to

family overseas over the next two years?

How much would you be willing to send to your family

overseas over the next two years, if they really needed it?

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