50% of Africans invest in crypto to pay for their children’s education: survey

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According to a recent survey, most cryptocurrency investors from Kenya, Nigeria and South Africa have entered the digital asset market with long-term goals such as protecting the well-being of their families.

Crypto to finance children’s education

London-based company – Luno – surveyed nearly 7,000 participants from Nigeria, Kenya, South Africa, UK, Australia, Indonesia and Malaysia to determine the reasons that drove them to get involved in digital assets.

According to the results, most residents of the three African countries are financially savvy and invest in sensible, long-term goals, as 69% of them deal with crypto to provide a better life for their families.

On closer inspection, 48% would allocate their salaries to digital assets to pay for their children’s future education costs. In comparison, 43% would do the same to constitute a fund to pass on to their relatives. Only 3% admitted that they had no plan when making investment decisions.

Marius Reitz – Lunos Managing Director for Africa – described the situation in Africa as a “crypto revolution”, adding that there is vast potential on the continent:

“In recent weeks, the scale of the crypto revolution in Africa has garnered a lot of attention, and while its potential is extremely exciting, it is essential that we ensure that consumers engage in this transition in a safe and secure manner. responsible.”

However, a large part of the locals lack basic knowledge about cryptocurrencies, which is why they would not consider investing in them. 55% of Nigerians revealed that they do not understand the asset class, while the percentage in South Africa and Kenya was 56% and 64% respectively.

And the rest of the countries?

The majority of participants from the UK, Indonesia, Australia and Malaysia shared somewhat different arguments for entering the digital asset space than African residents.

41% of Australians admitted investing in crypto to save for a property while adding to the pension pot is the best answer for participants from UK, Indonesia and Malaysia.

The results also indicated that nearly a third of crypto investors have up to 10% of their portfolio in digital assets. 12% have 11-20%, and 10% have allocated 21-30% of their fortune in bitcoin or altcoins.

Additionally, the survey found that crypto holders are much more likely to hold other types of financial assets than the general population. For example, 4% of Kenyan participants said they owned both digital assets and gold, while this metric jumped to 39% and 63% in Malaysia and Indonesia, respectively.

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