JOHANNESBURG - A global study on the concept of prosperity which targeted Kenya, Nigeria and South Africa found that households in the three African countries had an overwhelmingly positive view on how their situation would change over the next year and most considered themselves prosperous despite their income being less than the average.
The financial prosperity barometer investigated the concept of prosperity across multiple markets and global regions and focused on the relationship between financial services and prosperity in high-growth markets.
The research by PayU, the fintech and e-payments division of international digital company Prosus, found that Kenyans considered education (44 percent) and health (45 percent) as more important indicators of prosperity than being wealthy (38 percent). They also included a loving family and a well-paying job in their top five characteristics of a prosperous person.
In Nigeria, wealth at 48 percent was at the top of the list with a well-paying job at the bottom, while in South Africa the top drivers of prosperity were health, education and a well-paying job.
When asked what the word ‘prosperity’ meant to them, South Africans opted for savings, not having to worry about money, and being happy in their lives as their top three. Nigeria selected being able to afford anything they wanted, being able to help the less fortunate and being happy with their lives. In Kenya, the top three were savings, good health and being able to afford whatever they wanted.
All three countries identified the need for their governments to do more to improve access to financial services.
The study found that Africa showed the highest preference for using mobile money provider, a fact borne out by the impressive growth of money mobile services in sub-Saharan Africa.
"The results point to an Africa that’s positive about the impact of financial services on the prosperity of their country and their lives," said Corrie Bakker, head of strategy and business development at PayU Africa.
"The emotional benefits of financial services were easier to identify than the practical ones, with many giving security and peace of mind the highest value. The report also highlights how differently prosperity is defined across the different regions, and yet how similar people’s goals remain when it comes to family, health and wellbeing."
PayU surveyed over 10,500 adult respondents across 18 countries in Africa, Asia, Europe, South America and the Middle East, with an even split across gender and age.