This archive report was first published on 29 November 2019.
Published on November 29, 2019, a global survey by PayU, the fintech and e-payments division of Prosus, has shed light on Kenyans' perception of wealth and prosperity.
The Financial Prosperity Barometer, which polled 10,500 adults in 18 countries, found that 31 percent of Kenyans view having enough savings for the future as a top sign of prosperity.
This is followed by being able to afford what one wants in life (28 percent) and guaranteed good health for family and friends (28 percent).
Interestingly, the survey revealed that only 35 percent of Kenyans believe that a well-paying job can help them accumulate adequate savings for the future and support their family and friends to lead a healthy life.
According to the survey, for a Kenyan to be considered prosperous, one must be able to provide the best education for their children (46 percent), be healthy (45 percent), be wealthy (38 percent), have a loving family (37 percent), and a secure job (35 percent).
When asked about their current financial state, 33 percent of Kenyans said they were comfortable, 46 percent said they were coping, and 24 percent said they were struggling.
Contrastingly, 41 percent of their Nigerian counterparts said they were comfortable, 39 percent were coping, and only 19 percent said they were struggling, indicating that Kenyans found the cost of living higher compared to their Nigerian counterparts.
More than a third of the participants in the survey were drawn from high-growth European countries, with only three sub-African countries included based on the size of their economies.
“Prosperity is driven by more than money, it’s defined by access to services, the health of the people who matter, and their access to stable jobs. Technology lies at the heart of building a truly prosperous continent and is already changing the way Africa banks, manages finances and engages with money,” says the poll.
