Irish emigrants sending close to $1 billion back home according to World Bank
Major impact seen on Irish economy as amount increases every year
Many Irish emigrants are sending large amounts of money home to Ireland at an increasing level, according to an article in the Irish Times.
Historically, emigrant’s remittances have been critical for the Irish economy and it seems in this new era of massive debt that still holds true.
The World Bank estimates that Irish living abroad sent €610 million home in 2012, which is "0.5 per cent of gross national income."
That figure is up from just under €450 million in 2009 and is more than double the figure 10 years previously.
While previous generations of emigrants sent money home to help out their families, many of today's emigrants are sending money over to cover the monthly mortgage payments.
In an online study carried out by Dr Irial Glynn, a postdoctoral reseacher at UCC specializing in migration history, 11 percent of emigrants who responded said they often or very often send money back home to Ireland, while 10 percent said they often or very often send the money back to pay a mortgage.
While many emigrants move across the Atlantic to Canada or the United States, many others are commuter emigrants who move between Ireland and countries closer to home to find work.
Will Norton, the head of Sonas Recruitment, a London business which specializes in recruiting Irish professionals, said that he meets many individuals who live in the UK during the week and head back to Ireland on the weekend.
“Some are involved in project management in construction. They’ll start a job over here commuting back and forth Monday to Friday. After they have put the structures in place their family will often follow,” he says. “It gives you the best of both worlds – you can earn good money and see your family at weekends.”
To take part in the UCC Emigre survey, go to tinyurl.com/c8s6ah6.
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