Survey Shows that Half of Africans Invest in Crypto to Pay for Education
A recent survey has shown that the largest percentage of cryptocurrency traders in Kenya, Nigeria, and South Africa use this sector to generate education funds for their children. Most have also ventured into this space for long-term gains, such as securing the future of their families.
Crypto to Save for Education
The survey in question was conducted by Luno, a London-based firm that involved 7000 respondents from Australia, Indonesia, Malaysia, UK, Kenya, Nigeria and South Africa. The survey was structured around finding out the reasons why these participants ventured into cryptocurrencies.
The results indicate that 69% of the respondents from African countries deal in crypto to improve the welfare of their families. 48% of the respondents state they invest part of their salaries in crypto to save for the future educational costs of their children. 43% stated they invest in crypto as a fund to pass on to family members, while only 3% stated they had no goals regarding their investments.
The General Manager for Africa at Luno, Marius Reitz, stated that “In recent weeks, there’s been a lot of attention on the scale of Africa’s crypto revolution, and whilst its potential is hugely exciting, it’s vital we ensure consumers are engaging with this transition in a safe and responsible manner.”
However, the results of the survey showed that education regarding crypto investments was still needed. 55% of respondents in Nigeria stated they do not understand anything about digital assets. In Kenya and South Africa, this percentage came in at 64% and 56%, respectively.
Responses from Other Continents
On the other hand, the survey results depicted that respondents in Australia, Indonesia, Malaysia and the UK had different motivations for venturing into the digital asset sector.
41% of Australian respondents stated they invested in crypto to save towards investing in a property. Those from Indonesia, Malaysia and the UK have pensions as their main reason.
The survey also revealed that around a third of cryptocurrency investors had allocated a tenth of their portfolio to digital assets. The survey also showed that crypto investors were more likely to invest in multiple financial assets compared to the rest of the investors.
4% of the Kenyan respondents stated that they owned digital assets and gold. In Malaysia and Indonesia, the number of investors with both crypto and gold investments came in at 39% and 63%, respectively. These numbers demonstrated that most crypto holders did not have 100% of their portfolio in digital assets.
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