Africans equate prosperity to achieving financial freedom

The report captures what 'prosper' means to Africans in 11 of those countries. 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.

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.

The report identifies that Africa's youth, given the right tools, are set to become the drivers of economic prosperity.

Africans define what it means to prosper:

• If given $100 to help them prosper, 49% of respondents would invest it.
  
• Almost a third would buy a computer (30%) and books (24%) to help them prosper.
  
• While lack of finances is a major barrier to prosperity (66%), this is also the easiest aspect of their life to change (37%).
  
• Nearly 50% of respondents would most likely consult a bank to obtain financial prosperity. Only 10% said they would consult a family member.

According to Bobby Malabie, group executive of Marketing, Communications, Citizenship and Public Affairs at Barclays Africa, the 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.

Main drivers

"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," Malabie says.

Providing an independent analysis of the research, Prof Monde Makiwane of the Human Sciences Research Council (HSRC), says a decrease in mortality rates coupled with the youth's connectivity to a global community which is increasingly aided by technology, means there is an emerging youth bulge of Africans that are more optimistic than ever before.

"Africa's youth are confident they will be around to live their future. Given this optimism, they prefer to spend their money on computers and books to aid their prosperity, rather than making flashy statements in their local communities by parading the latest must-have item.

"The report addresses critical issues of financial behaviour and prosperity that have either been missed or poorly measured by previous social and financial surveys in Africa. Encouragingly, one of the most significant findings from this African survey is the high level of savings and investments reported by participants. Almost 50% of respondents would save or invest to help them prosper financially, a powerful statistic if viewed in the context of the Asian savings boom," says Makiwane.

Download the 2014 Barclays Africa Prospers Report.