Mumbai, June 06, 2024: A new survey by Wise, the global technology company building the best way to move and manage the world’s money, reveals cricket’s growing significance in fostering connection, cultural engagement, and financial activity amongst Indians worldwide.
The research, which polled over 1,000 people based in India, found that cricket-related activities such as watching and discussing matches (39%) rank among the top three activities that help Indian respondents stay connected with their family and friends overseas. Other top activities include engaging in food-related topics such as sharing new recipes (42%), sending money for special occasions (40%), and sharing music recommendations (39%).
Key Findings
– 85% of respondents anticipate Virat Kohli to have a major impact during the T20 tournament. – 44% of respondents in India are keen to travel to catch the upcoming T20 World Cup matches live. – 72% believe the T20 World Cup will provide more bonding opportunities with family and friends based in the US – Over 60% noted having at least 3 loved ones establishing roots overseas, suggesting a more globalized Indian community. – Top ways Indians stay connected with loved ones overseas include food-related topics (42%), sending money for special occasions (40%), cricket-related activities (39%), and sharing music recommendations (39%).
This finding highlights the importance of shared experiences, especially as the number of Indians with family and friends abroad continues to rise. Indeed, 77% of respondents have family living overseas, and 61% observed at least 3 to 4 loved ones relocating internationally in the past 5 years.
Financial Ties that Bind
The survey also reveals the vital role financial transactions play in strengthening family and cultural bonds with loved ones who live internationally. About 55% of respondents send money abroad at least once a month, with top reasons being gifts for special occasions like birthdays (49%), education endeavors (17%), and daily life expenses (10%).
T20 World Cup: A Unifying Force
The survey found the upcoming T20 World Cup as a significant factor in strengthening connections across borders. 44% of respondents would go the extra mile and travel internationally to attend matches, and 72% of respondents believe the tournament provides more bonding opportunities with their loved ones based in the US.
Influential Players: Kohli, Sharma, and Bumrah Lead Expectations
The charisma and performance of players like Virat Kohli, Rohit Sharma, and Jasprit Bumrah fuel the excitement surrounding the T20 World Cup. Virat Kohli is anticipated by 85% of respondents to have a major impact during the tournament, followed by Rohit Sharma (67%) and Jasprit Bumrah (38%). Fans also have high hopes for India, with 54% of respondents believing India will win the T20 World Cup.
A Call for Transparency in Financial Services
Despite frequent interactions with financial services, Indians still struggle to understand the true cost of sending money abroad. Traditional methods of sending money abroad often involve high charges and hidden costs, and a lack of transparency in fee structures and exchange rates makes it hard for people to know the actual cost. Indeed, 88% of respondents were not aware that there could be a markup on the exchange rate, an often unknown fee which costs people extra when they send money abroad. This underscores an urgent need for transparency in the cross-border payments space so consumers can make informed decisions.
“This survey unveils the power of cricket in uniting Indians and their loved ones abroad. Beyond being a sport, cricket fosters cultural connections, strengthens family bonds, and even influences financial activities, as seen by increased travel intent during key tournaments,” says Shrawan Saraogi, APAC Head of Expansion, Wise.
“At Wise, we understand the importance of shared experiences in staying connected to loved ones abroad. So, whether you’re traveling or sending money for daily expenses, education, or for special occasions, it’s important to consider the exchange rate you’re getting, whether there are hidden fees, and the speed of these transactions. Use Wise to ensure your money arrives with your loved ones on time and without hidden fees,” he added.
Wise x The Grade Cricketer
In celebration of the T20 World Cup, Wise has collaborated with the good folks at The Grade Cricketer. The duo will embark on a classic road trip across America, utilizing their Wise account and cards to illustrate the ease of managing finances internationally while showcasing how cricket connects people across borders. Keep a look out for the video series, with the first one dropping in the first week of June.
About the Survey [Playing on a Global Stage: Cricket, Community, and Money Habits]
Wise conducted a survey to examine the impact of cricket in connecting Indians and their global communities, as well as sentiments around the upcoming T20 World Cup. The survey was carried out on an online platform in April 2024, polling over 1,000 participants based in India.
The methodology involved targeted questions to assess the viewership habits, emotional connections, and financial activities related to cricket. It also explored respondents’ family and friend network, including whether they have loved ones residing abroad, along with their international money transfer habits.