A new study has revealed people’s definition of prosperity is more linked to financial security than to current income.
PayU’s research found that three quarters of people in high-growth markets do not identify wealth and income as a driving factor of prosperity. The top drivers are being happy with life, good health for friends and family, having a stable job, and enough future savings.
Laurent le Moal, CEO of PayU, said: “Understanding how access to financial services impacts prosperity takes us to the heart of human behaviour and brings us one step closer to building a world without financial borders where everyone can prosper.
“Global fintech leaders and governments have a huge responsibility to build the right services to ensure each individual can access and utilise financial services to improve their own feelings of prosperity. Technology is at the very core of this mission and must be used at every stage of the journey to best deliver financial services to citizens globally.”
According to the study, only a quarter of people in high-growth markets view wealth as a top factor for prosperity. This figure has risen to 36% in the Middle East and dropped 9% in South America.
Health united all high-growth regions and ranked as the top factor driving prosperity across Asia, Latin America, Africa and Eastern Europe.
The study also shows that three quarters of people think their government could do more to improve access to financial services. Regions including Asia and Middle East/Africa showed a higher preference for their government to do more.
In addition, six in 10 people believe financial services have helped them become more prosperous. Nine in 10 people were able to directly recognise the benefits of financial services, such as depositing and transferring money.
PayU is the only payments company to participate in Facebook’s Libra project, after major payment giants dropped out last month.