Kenyan millenials are more focused on getting an education than spending on travel, according to a new report released by GeoPoll.
Based on over 2,700 respondents, GeoPoll established that about 34% of Kenyan millenials save more for their education, ranking 3rd after Ghana and Nigeria, with 20% saving for a house and 7% saving for a car. Quite a responsible outlook for Generation Y. South African young people save almost double the average of Uganda, Kenya, Ghana and Nigeria, with just over 10% considering travel a priority.
The survey also established that youth unemployment hovers at around 12% in Sub Saharan Africa, in stark contrast to a 2014 ILO report that placed this percentage at over 40%.
This is the second survey in a series on African Millennials in which GeoPoll seeks to understand just what makes the African Millennials tick, their aspirations, hopes, affinity, habits as well as get their thoughts on leadership, governance and their future in a digital age in the best way that they know how , using their mobile phones.
The survey also notes that youth consumers between the ages of 18 and 35 years old in Sub-Sahara Africa are very conscious about their appearance, with the Peter Pan generation spending over 50% of their earnings on grooming.
Close to 70% of Africa’s population now comprises of Millennials according to a 2011 Africa Development Bank report. Africans aged 16-34 account for 65 percent of the continent’s consumer spending (McKinsey 2013 report).
In East African countries where mobile payments are popular, youth consumers consider mobile payments as cash and still prefer it to other modes of payment (71%) for daily purchases. It is only in South Africa where credit cards are popular but only second to cash payments.
Interestingly, gambling is becoming popular among male African Millennials due to their high affinity to sports and the proliferation of local sports betting platforms. This is still a very nascent industry since only 3% of youth consumers in the survey indicated that they spend part of their income on gambling.
In summary, the report states that African millennials are vibrant, on the move, tech savvy and image conscious. They are upping their levels of education and are extremely optimistic about their future.
This GeoPoll survey was conducted in January 2017 among 2,726 young Africans in Kenya, Uganda, South Africa, Ghana and Nigeria using the GeoPoll App.