‘Barclays Africa Prosper’ report: Young Africans prefer to invest their money in financing studies
Nathan Carr, Acting General-Director at Barclays Bank Mauritius Limited, and Feyçal Caunhye, Communications Manager & Corporate Affairs at Barclays Bank Mauritius Limited introducing the Barclays Prosper Report (Image: Company)
Barclays Africa published a report entitled ‘Barclays Africa Prosper’ yesterday October 28, 2014 at Barclays House, Ebène,with the ultimate purpose of having enough wealth to live without having to work actively to satisfy basic needs.
The report demonstrates that while Africa knows actually an unprecedented exponential economic growth, the Africans draw a parallel between prosperity and financial independence.
Barclays Africa is one of the most important banks of the African continent, which is present in 14 African countries.
Conducted on the Internet, the report captures the meaning of the word ‘prosper’ from more than 7,000 individuals living in South Africa, Zambia, Botswana, Kenya, Ghana, Mozambique, Seychelles, Mauritius, Tanzania, Uganda and Zimbabwe.
78 % of the respondents were aged between 18 and 35 years, representing a significant part of this rapidly growing young population who are the future drivers of the African economy.
This explosion of the young population is a common phenomenon to numerous developing economies among which an important part of the population consists of children and young adults, because of the reduction in infantile mortality rate and in the stability rate of fertility.
“The Barclays Africa Prosper report demonstrates clearly that Africans work very hard for their money, and they wish that their money brings them greater profits,” Nathan Carr, Acting General-Director at Barclays Bank Mauritius Limited, said.
According to him, an encouraging point in the responses is that the African youth would prefer to invest their money in financing their studies rather than to spend on purchasing of showy consumer goods.
“Africans consider that investing in education and savings are the main drivers of prosperity, which will stimulate economic growth,” he noted.
It appears clearly that the emerging youth of Africa offers an unprecedented opportunity to strengthen Africa’s human resources and with the adequate tools, leaders of tomorrow are allowed to deliberate the African potential,Nathan Carr added.
Professor Monde Makiwane, from the Human Sciences Research Council (HSRC), has supplied an independent analysis from this survey.
He stated that the Barclays Africa Prosper captures the perspectives, experiences and living strategies of the young emergent middle class of Africa regarding to prosperity.
Also, it is the members of this demographic group, which have the key of economic growth in hand accelerated in Africa and its transformation.
This report addresses crucial questions related to the financial behaviour and to prosperity, which were neglected or badly considered by previous social and financial inquiries in Africa.
“One of the main conclusions of this African report, which is encouraging, is the high savings rate and economies reported by the participants. About 50% of them would be ready to save up or to invest to prosper financially, a strong figure if we consider the explosion of the Asian savings,” Professor Monde Makiwane mentioned.
It may be noted that several decades ago, Asia knew a strong growth of its young population and how to take advantage of it by creating job opportunities and by encouraging young people to save.
However, a steady economic growth and a high rate of savings supplied the creation of wealth in Asia, thus, the propensity to spare inhabitants of Asia-Pacific is exceptional when it is compared to that of the United States or Europe.
Consequently, the gross national savings varies from 24 % of the GDP in Philippines, which is the lowest rate, at 50 % in China, which is the highest rate, against 13 % in the United States and an average of 19 % in Europe.