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Financial freedom to drive prosperity in Africa

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A new Barclays report shows Africans equate prosperity to achieving financial freedom, as Africa continues to experience growth ahead of other developing economies.

It identifies that Africa’s youth, given the right tools, are set to become the drivers of economic prosperity.

The survey, which asked 7000 people across 11 countries what prosperity meant to them, showed Africans would rather invest than spend money on luxury items.

On the findings of the report Bobby Malabie, Group Executive of Marketing, Communications, Citizenship and Public Affairs at Barclays Africa said:

“The Barclays Africa Prosper Report shows that people work hard for their money and want their money to work hard for them. What is particularly encouraging is that when questioned further, the youth of Africa would rather invest their money to fund further education than to spend it on flashy consumer goods.”
 
“Investment, education and savings are seen by Africans as the main drivers of prosperity to open the doors to economic growth. It is also clear that Africa’s emerging youth presents the continent with an unprecedented opportunity to deepen our human capital, and with the right tools, tomorrow’s decision makers can unlock Africa’s potential.”
 

78% of the respondents were between 18 and 35 years of age, representing a significant portion of the ‘youth bulge’ – the future drivers of the African economy.  The youth bulge is a common phenomenon in many developing countries where a large share of the population is comprised of children and young adults thanks to a decrease in infant mortality and steady levels of fertility.

A look at some of the statistics that asked Africans what prosperity means to them

Several decades ago, Asia experienced a youth bulge.  The continent took advantage of this by creating employment opportunities and mobilising the youth to save.  Continued economic growth and a high savings rate have fuelled wealth creation in the region and its propensity to save is exceptional when compared to the United States or Europe.

The survey, which was conducted online, surveyed over 7 000 respondents from South Africa, Zambia, Botswana, Kenya, Ghana, Mozambique, Seychelles, Mauritius, Tanzania, Uganda and Zimbabwe. 

Africans talk about what is important to them, their dreams and aspirations

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Related links

Read the full report (PDF 1.3MB)Read the full report (PDF 1.3MB, new window) Learn more about Barclays AfricaLearn more about Barclays Africa (new window)
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