The Human Account ran a survey to understand customers in emerging markets better. To do this, they developed a three-dimensional research framework that reveals the contextual, behavioural, and psychological dimensions of their financial lives.
We dived into the survey results to see what insights we could derive. We decided to provide the results of not just Nigeria, but five other countries (two African and three Asian): Kenya, Tanzania, India, Myanmar and Pakistan. This helps put the results in a more interesting context to compare across regions.
How is money made?
In Asia, the majority of the respondents work as temporary or casual workers, while the majority of Nigerian respondents run their own business. With an unemployment rate of about 23% in Nigeria, this is not surprising. More than 20% of Nigerian and Kenyan respondents depend on support from family, friends, and their spouse. A good percentage of respondents from the African countries also earn