Majority of youths spend a huge amount of their earnings on items that boost their self-image. PHOTO | FILE
Kenyan youth spend 55pc of earnings on personal care
Kenyan youth spend more than half (55 per cent) of their earnings on personal care and the least amount on travel and entertainment.
A study conducted in January by digital research firm Geopoll on youth between 18 and 35 years revealed that the majority spend a huge amount of their earnings on items that boost their self-image.
The study says that youths put 26 per cent of earnings on investments, six per cent on entertainment and five per cent on gambling.
Other items accounted for seven per cent of the total income. “Gambling is becoming popular among male African millennials in SSA (Sub Sahara Africa) due to their high affinity to sports and the proliferation of local sports betting players. This is still a nascent industry,” said the report.
Kenya’s mobile-based sports betting industry has recorded phenomenal growth aided by the ease of placing bets online or through SMS and paying via mobile money platforms such as M-Pesa and Airtel Money.
The January survey is part of a series on African millennials in which GeoPoll seeks to understand the habits of the continent’s youth.
The survey was done in Nigeria, Ghana, Uganda, South Africa and Kenya. About 51 per cent of the youth who took part in the survey are employed with 32 per cent relying on the support of parents or guardian.
The survey says that most of the youth plan to spend 35 per cent of the money put aside for investments on education, 20 per cent towards building a home, 18 per cent towards emergencies, seven per cent to purchase a car and five per cent for travel.
“Advancing in education is one of the most important pursuits for millennials with many saying that they save up to 10 per cent of their monthly earnings towards it,” the survey says.
The study also revealed lack of knowledge on finance management and proper planning. The survey says many are striving towards financial independence, prosperity and believe in their ability to charter their own course through education.