The world’s first Financial Prosperity Barometer investigated the concept of prosperity across multiple markets and global regions. The report focused on the relationship between financial services and prosperity in high-growth markets and discovered myriad views on what defines prosperity and financial inclusion.
The report targeted Kenya, Nigeria and South Africa to gather insights from these high-growth African markets and to establish the limitations of financial inclusion, the value of financial services, and the key characteristics that define prosperity. Surprisingly, Kenya (88 percent), Nigeria (94 percent) and South Africa (70 percent) had an overwhelmingly positive view on how their household situation would change over the next year. Most considered themselves to be prosperous, even though their income was less than what is seen to be the average.
The research by PayU, the fintech and e-payments division of Prosus, found that Kenyans considered education (44 percent) and health (45 percent) as more important indicators of prosperity than being wealthy (38). They also included a loving family (37 percent) and a well-paying job (35 percent) in their top five characteristics of a prosperous person. In Nigeria, wealth (48 percent) was at the top of the list with a well-paying job (31 percent) at the bottom, while in South Africa, the top drivers of prosperity were health (45 percent), education (44 percent) and a well-paying job (41 percent).
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