How do money transfers benefit the youth?

money transfers benefit youth

How do money transfers benefit the youth?

Online money transfers are revolutionary. They have minimised the distance between those sending money and those receiving it, and opened up a whole new world of possibility for those who were once detached from a steady income.

Online money transfers have changed the lives of countless people, both in the first world and in the third, with migrant workers in particular being able to benefit from being able to send money back home to their families. Such transfers can help families become more independent while it has the knock on effect of helping out of reach, financially poor communities to grow.

And for the youth, the accessibility to funds via online money transfer systems means they have a better shot at a brighter future, especially if they are coming from third world nations where opportunity costs a lot of money.

The Impact of Poor Economies for the Youth

Although a poor economy has an impact on all of those who depend on it, often it is the youth who end up being the most burdened.

As the youngest members of the family, the responsibility of earning money as well as all the stresses that it comes with fall onto their shoulders. And while there is the need to earn money, jobs and any other opportunities to earn a little to survive is hard to come by.

It is not just the lack of jobs that can have a dramatic effect on youth, but also the fact that a lack of money in the family or community in general can hamper the education and healthcare of the youth, making things that little bit more difficult.

Often, for those youngsters growing up in a poor community the cycle of poverty is never broken. As long as the economy stays poor, so do the people, and so unless someone gets out or unless the economy is strengthened, the youth simply don’t have all that much good to look forward to.

Poor economies also lead to the necessity of parents, or just one parent, to migrate to a new place in search of a better job opportunity. This is particularly prevalent in Africa, where migrant workers are not a new phenomenon. Each year thousands of Africans make the tough choice to leave their communities and their families in order to work elsewhere. This labour of love remains one of the most effective ways to uplift their children from the clutches of poverty and help them to reach for a better life.

The combination of migration and having access to a services that will allow money to be quickly and easily transferred has a significant impact on the youth.

The Impact of Money Transfers

Whether they are online money transfers or the more traditional kind, being able to have access to money via a transfer is one way to uplift the youth and give them a chance. Cash transfers have time and again proven to be the one thing that draws a line under the poverty, and, while there is some debate weighing up the pros and the cons, transferring money can both empower the youth and the communities they are growing up in.

Children growing up in vulnerable households are given more of a foundation when they have more access to money and as such they can focus fully on their development and worry less about surviving.

Generally, one parent or both, will leave home and become migrant workers. While this is not ideal for raising children, it is far better than the alternative, which is more poverty. There is some debate about both the effectiveness of sending money to youngsters back home as well as the long term impacts that might be experienced later on.

One of the biggest problems associated with transfers is the availability of reliable money transfer options.

Online money transfers have completely changed the way that people think about and experience money transfers. In the past, especially in Africa, distances have prevented people being able to send and receive money. Having to walk many kilometres to get to a bank or similar facility to send or receive money is not always possible, especially in poorer communities where transport is just about non-existent. Then there is the lack of infrastructure, something that most poor nations tend to still be dealing with.

But what most people have these days, even if the country or community they live in is not economically rich, is a smartphone and some form of internet connectivity. This means that modern money transfer options, like online money transfers, have become the go-to for out of reach communities and such services have proven time and again to work incredibly well.

Given that most migrant workers will move to a country with a stronger currency and hopefully end up working for a higher wage, the children of migrant workers will greatly benefit from the exchange, especially when they are working with an online money transfer company that charges lower admin rates than most others do.

The impact of being able to access money through an online option is also great for those emergency situations when money needs to be transferred quickly. With online money transfers, the amount is transferred in a matter of a few minutes, which makes it a fantastic option when money is needed in a hurry.

Money Transfers Beyond Childhood

While online money transfers have the potential to improve the upbringing of children in poor communities, they can also benefit the youth well beyond childhood.

With online money transfers, teenagers and young adults can have instant access to money. This is important for those who are living away from home, attending university or trade school, and who are not yet working fulltime. A money transfer option can be easier than to only use a banking account, where the fees might be higher and the banking inaccessible at certain times.

Students and young adults who need the additional financial assistance will also benefit from having a money transfer app if they are looking for a quick and easy, not to mention cheaper, way to pay their bills.

Some young adults might even become migrant workers themselves. Those who are leaving home to seek work elsewhere, as a means to support their family members back home, will find that money transfers which can be done online will definitely be a huge benefit for the same reason that it is for others.

Why Sikhona Money Transfers is the Best Option for the Youth

Whether it is a young person sending the money or if it is them who is receiving it, using an online money transfer option like Sikhona is an absolute must. We are one of Africa’s most popular online money transfer companies and we have been helping out South Africans and those who have migrated to South Africa to work for more than a decade.

Now, as our influence stretches across the African continent and beyond, we are able to help more people to enjoy the incredible benefits that comes with using online money transfers.

There are many reasons why we have become the preferred money transfer company, and the advantages of working with us can be enjoyed by anyone in need of it, including the youth. If you are still looking for a money transfer company to work with, here’s why you should consider Sikhona.

1.     Our fees are minimal

Some online money transfer companies end up charging a small fortune to process the transaction. At Sikhona Money Transfers, we focus on providing our clients with the most affordable online money transfer options, to ensure that they get the most out of their money rather than ending up spending a chunk of their income on the admin fees.

2.     Our services are global

We have a wide reach, and we have a presence in over 100 countries across the world. This makes it easier to and receive money no matter where you are. With our reach, our clients are able to access our services whenever they need them and because everything is done via the web, there is no worry about geographical locations or currency. As it stands, we offer money transfers in a variety of different currencies and we also have various payout points and options.

3.     Our app is world class

All of our money transfers are done via our top notch app. Our app is the result of years of development, while we also make use of the information that we gain from our community to further develop what we offer. Our app is designed to be really easy to use and it is also designed to be multi-functional, by having a variety of features.

If you are keen on trying out the Sikhona Money Transfer app, you can download the app on your smartphone from the relevant app store. There is no paperwork involved and when you have added the necessary information, by following the various prompts that will guide you to getting set up with an account, you can start sending and receiving money immediately.

 

Find out more about money transfers to Zimbabwe or how you can send money to Ghana.

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