Buying land investing in property were two out of four top financial goals for wealth creators in Kenya in 2019.
A wealth survey carried out by Standard Chartered bank this year revealed that 28 percent of Kenyan wealth creators want to buy land while another 27 percent want to invest in property.
The 2019 Wealth Expectancy Report also revealed that funding children’s education (31 percent) and starting or funding a business (27 percent) are top financial goals for wealth creators in the country.
Savings account (61 percent), property investment (50 percent) and time/fixed deposits (46 percent) are the top financial products which wealth creators favour to reach their financial goals.
The average wealth expectancy of Kenyan wealth creators is KES 63.6 million. Wealth expectancy measures the total wealth an individual can expect to attain at their peak wealth, an individual’s highest point of affluence, assumed to be at age 60.
“Kenyans’ strong desire to invest, along with their high tolerance for risk, are positive indicators for prosperity. But investment appetite is not everything. Nearly six out of 10 (58 percent) Kenyans say they want to invest more but they lack access to financial advice,” says the report.
The report recommends stronger financial advice and education, including digital tools to help more of Kenya’s ambitious individuals convert their positive investment attitude into positive action.
“This thriving culture of entrepreneurship may be boosting Kenyans’ prosperity levels, but many wealth creators still need to make changes to their financial habits to achieve their personal wealth goals,” concludes the report.
The survey sampled wealth habits from other countries including China, India and Singapore.