WorldRemit Study Finds Multiple Countries Pay More than 50% of Monthly Income on School Supplies

LONDON, AUGUST 31, 2021 -- Back-to-School season is here! Around the world, families are making plans to get their children ready for the school year with the proper gear and tools to set them up for success. 

In line with this exciting time, WorldRemit conducted a multi-country study to determine the true cost of education in 10 countries, mining data to compare average costs of core educational equipment with average annual incomes and fertility rates. 

Of the 10 countries in the study, the data showed Nigerians are most impacted by the disparity between average household income, fertility rate and cost of education. The current fertility rate in Nigeria is 4.67 children per household. That means an average household can anticipate basic seasonal costs to meet or exceed ₦241,789.25 or $580.29 USD, which is more than a full month’s income for 45% of all Nigerians. 

More than 244 million people are classified as immigrants around the world and account for large percentages of populations in countries such as the United States (14.4% of total population), UK (14%) Australia (30%) and Canada (21.9%). 

In these countries, where average household incomes are amongst the highest in the world, immigrants and overseas foreign workers are often working to support themselves whilst also supporting their families and communities back home.

According to a recent Consumer Expectations Survey (CES) education is one of the primary reasons immigrants and overseas foreign workers (OFWs) send money back to their home country. Because of the high cost of education in many regions and the opportunities an education provides to a young person, it is vital for senders to be able to support those dearest to them with the gift of an education. 

For the nearly 250 million people who live in different countries than their families, understanding the true cost of education is often top of mind.

For example, nearly 50% of all Mexican households make Mexican Peso (MXN) $143,420 (or less) annual income (MXN$11,951.66/month). The average cost per child to go back to school is MXN$3067.70 and the average Mexican household has 2.17 children. This means the average household spends MXN$6135.40 on school supplies or 51% of a full month’s income on school supplies.Taking all costs into consideration, planning for a child’s return to school can take months of financial planning. 

To learn more about the study and see full results, visit: https://www.worldremit.com/en/back-to-school. 

Notes to Editors: 

Methodology

In the study, WorldRemit looked at the following countries and researched basic school supplies, excluding electronic devices like tablets or laptops: 

• United States of America

• United Kingdom

• Canada

• Australia

• Philippines

• Mexico

• Uganda

• Tanzania

• India

• Nigeria

The primary school items were selected based on the most common back to school items. The price of each item was searched for online and the lowest price item was selected from one of the most popular online retailers in that country. The prices were researched in July 2021. The exchange rate from the local currency was calculated on 26/07/2021 10:00 BST. The fertility rate and income was gathered from the CIA world factbook.

1 WorldRemit back to school cost overview. (2021).

2 United Nations, Department of Economic and Social Affairs, Population Division (2015). Trends in International Migrant Stock: The 2015 Revision. (United Nations database, POP/DB/MIG/Stock/Rev.2015).

3 UK Parliament, House of Commons Library: Migration Statistics (2021, Quarter 2).

4 Australian Bureau of Statistics: Migration, Australia  (2021, Quarter 2).

5 Statista: Immigration in Canada: Statistics & facts (2021, Quarter 3).

6 Consumer Expectations Survey (CES). Media and Research - Consumer Expectations Survey (2021, Quarter 2).

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About WorldRemit

We are a leading global payments company and, along with Sendwave, part of Zepz, a group powering two global remittance brands. 

We disrupted an industry previously dominated by offline legacy players by taking international money transfers online – making them safer, faster and lower cost. We currently operate in more than 5,000 money transfer corridors worldwide and as part of Zepz, are part of a 1,400 person global workforce.

Sending money with WorldRemit is 100% digital (cashless), increasing convenience and enhancing security. For those receiving money, we offer a wide range of options, including bank transfer, cash pickup, airtime top up and mobile money. 

Backed by Accel, TCV and Leapfrog – WorldRemit’s headquarters are in London, United Kingdom, with regional offices in the United States, Poland, Canada, Australia, Hong Kong, Singapore, Malaysia, the Philippines, South Africa, Somaliland, Uganda, Kenya, Rwanda, Tanzania, Zimbabwe and Belgium.

About Zepz

Zepz Group is the group powering leading global remittance brands: WorldRemit and Sendwave. Since 2021, Zepz Group has been disrupting an industry previously dominated by offline legacy players by reducing the barriers to finance and increasing safety and convenience for users. Every day, Zepz Group and its brands work towards unlocking the prosperity of cross-border communities through finance and technology - driven by the vision of a world that celebrates migrants’ impact on prosperity, at home and abroad.

Zepz Group brands have helped cross-border communities send over $15bn from 50 countries, to recipients in 130 countries in 2022, and operate over 5,000 money transfer corridors worldwide. Zepz Group employs over 1,400 people globally as a remote-first employer, with team members located across six continents.