Exiled Mexicans in the USA: Money transfers at an all-time low!

Exiled Mexicans in the USA: Money transfers at an all-time low!

The financial support that Mexican exiles in the United States send to their families back home has fallen significantly in recent months. According to a report by Mirror Remittances, often considered a lifeline for many Mexican families, have fallen by nearly 20 percent. This development has a significant impact on the economy in Mexico, where many households rely on the money.

The decline in remittances is attributed, among other things, to the uncertain economic situation in the USA. Many Mexicans who live and work there face rising costs of living. In an environment where inflation and uncertainty are increasing, many are finding it more difficult to provide financial support to their loved ones in Mexico.

Causes of the decline

In addition, changes in the employment landscape are also an important factor. Many exiles report lost hours or even unemployment, making it difficult for them to save or transfer money. Another point are money transfer fees, which often make up a significant proportion of transfers.

A survey of Mexican migrants found that 60 percent of them have sent shorter amounts of money in the past six months. This particularly affects people with low incomes, who feel particularly under pressure in the current situation.

Economic impact in Mexico

The decline in remittances not only has personal but also macroeconomic consequences for Mexico. Poorer regions in particular, which depend heavily on these financial flows, are experiencing an increase in poverty and economic insecurity. Studies show that the decline in remittances leads to an increase in local inflation as there is less money in circulation.

Exiled Mexicans often emphasize the emotional toll of difficulty providing for their families. This situation leads to increasing stress and frustration, as contact with relatives back home is often not enough on an emotional level alone.

In summary, the dramatic decrease in remittances from Mexican exiles in the USA reflects broader economic challenges facing these communities, highlighting both the personal and national implications of financial support systems in a globalized world. In this context, communities are urged to adapt and look for alternative methods of financial assistance.