Old Mutual launch countrywide financial education campaign
What you need to know:
The initiative will serve to educate Kenyans on how to best manage their personal and family finance.
Old Mutual Insurance Group has launched a countrywide financial education campaign targeted at empowering Kenyans to better invest and secure their future. This comes against the backdrop of a recent study dubbed Old Mutual Savings and Investor Monitor (SIM) that revealed information gaps around Kenyans financial attitudes and behaviours.
SIM had found that 24 per cent of Kenyans are extremely confident in making good savings and investment decisions while 11 per cent were not confident in doing so. The other 65 per cent were found to be averagely content with their investment choices. The study also revealed that 39 per cent of Kenyans seek to own a business as a key financial goal while 32 per cent are keen on owning property; 7 per cent shared that they are focused on completing their education, within five years from the date the research was conducted (2013). Meanwhile, only 12 per cent of Kenyans in major cities across the country were completely satisfied with their financial readiness for retirement while 34 per cent claimed not to be satisfied. Of those that do have a retirement fund, 28 per cent claimed that they were aware of the value of their savings while a whopping 72 per cent were not aware. Charity Wainaina, the Insurer's head of marketing, said that the initiative would serve to educate Kenyans on how to best manage their personal and family finance, an area that continues to plague Kenyans who are developing an appetite for fruitful investments. “Financial education and insurance is a sensitive area of focus and a lot needs to be done in supporting Kenyans on making tactful and beneficial financial decisions, while industry players work to increase insurance penetration in the country.” Ms Wainaina added.
