International Day of Family Remittances 2024 Observed on 16th June

Every year on June 16th, we observe the International Day of Family Remittances, a day dedicated to recognizing the significant contributions of over 200 million migrants who send money back home to support their families. These family remittances are small amounts of money that, when combined, total three times more than official development assistance provided by countries.

The Importance of Family Remittances

1. A Lifeline for Families

Family remittances serve as a lifeline for approximately 800 million family members worldwide. These funds help families meet essential needs such as food, healthcare, and education, particularly during times of financial hardship or natural disasters. Migrants often send additional money to help their families cope with such challenging circumstances.

2. A Promise and a Financial Inclusion Tool

Sending money back home is a promise that migrants make to their families, emphasizing the strong bonds and commitment they share. Although the total amount of remittances is substantial, the average monthly transfer is typically between $200 and $300. The United Nations aims to facilitate easier and more affordable money transfers, promoting financial inclusion and economic participation for migrants and their families.

The Significance of the International Day of Family Remittances

1. Supporting Essential Needs

Approximately 75% of remittances are used for crucial purposes such as food, medical expenses, and education. During times of crisis, migrants may increase their remittances to help their families cope with crop failures, emergencies, or other challenges.

2. Achieving Global Goals

By sending remittances, migrants contribute to the achievement of several United Nations Sustainable Development Goals, including poverty alleviation, hunger eradication, improved health and education, and the promotion of global equality.

3. Supporting a Billion Dreams

The International Day of Family Remittances serves as a reminder of our collective efforts to support the aspirations of one billion people, which represents approximately one-seventh of the world’s population. It highlights our shared responsibility in ensuring that everyone has the opportunity to live a fulfilling life.

The History of the International Day of Family Remittances

The International Day of Family Remittances is part of a broader United Nations initiative to ensure safe and affordable money transfers. Over the past two decades, the volume of remittances has increased fivefold, especially during periods of economic hardship in receiving countries.

The Theme for 2024: “Digital Remittances Towards Financial Inclusion and Cost Reduction”

The theme for the 2023-2024 #FamilyRemittances campaign is “Digital remittances towards financial inclusion and cost reduction.” This theme highlights the positive impact of digitalization in reducing the costs associated with sending money home, improving access to financial services, and promoting financial inclusion for migrants and their families.

A Celebration of Solidarity and Hope

The International Day of Family Remittances is a celebration of the solidarity and hope embodied by migrant workers who strive to provide better lives for their families. It is an opportunity to express gratitude for their sacrifices and acknowledge the immense impact their remittances have on families, communities, and the global economy. By honoring these selfless individuals, we renew our commitment to creating a more inclusive and equitable world for all.