A new report by Luno, one of the leading crypto exchanges in Africa, has revealed that the majority of crypto investors (48%) are willing to invest their salary in crypto for their children’s education.
The survey, which included nearly 7,000 respondents from across 3 African markets and 4 foreign found that investors in the 3 African countries were not only financially-savy but also looking to invest for sensible and long-term goals.
Speaking on these findings, Marius Reitz, General Manager, Luno, Africa, said:
“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.
This research offers a major boost of confidence that this is happening – we’ve always focussed on ensuring we promote safe practices as an exchange through our focus on self-regulation and it’s encouraging to see customers replicating this through a considered and well-informed approach to investing.”
Survey included 7,000 respondents from Nigeria, Kenya, South Africa, UK, Australia, Indonesia, and Malaysia
The overwhelming majority (78%) of crypto investors save regularly vs 2/3 of the general population (65%)
Adopters of crypto are more likely to hold other financial assets including bonds (19% vs 10%) and even gold (25% vs 14%)
Kenyans were found to rely most heavily on traditional sources of financial advice such as financial services companies (28%), financial publications (18%) and independent financial advisors (17%)
Kenya also led the survey in terms of its knowledge gap regarding cryptocurrencies with 64% of those who would not consider investing stating they don’t invest in cryptocurrencies as they don’t understand enough about them compared to 55% and 56% in Nigeria and South Africa respectively
When respondents were asked which statement best describes their investment approach:
35% said they limit speculative investments to a small percentage of their funds
32% stated they react to market changes and invest where they feel comfortable
29% described their approach as having a plan and sticking to it