How are remittances useful to a migrant's family?
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1 For some countries, remittances make up a sizable portion of GDP. ... Remittances are funds transferred from migrants to their home country. They are the private savings of workers and families that are spent in the home country for food, clothing and other expenditures, and which drive the home economy.
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Perhaps one of the main benefits of remittance flows is that they can stabilize household income, thereby improving living conditions and increasing well-being. Remittances appear to be responsive to income shortfalls and, in that way, have the potential to smooth household income.
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