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Selling pension to millennials changing jobs
An individual pension plan is a good place to start. With as little as Sh1,000 one can save on chosen pension scheme for a guaranteed retirement income and enjoy good returns on investment as well as tax relief.
Like most African countries, Kenya boasts a youthful population of about 75.1 percent persons below 35 years (Kenya National Bureau of Statistics, 2019 census). However, pension uptake by this demographic has been low, yet the youth have the benefit of enjoying the power of compounded interest over a longer saving period.
With unemployment rates in Kenya being at about 39.1 percent, most millennials live from hand to mouth and those employed are driven by consumption and peer pressure with little or no tendency to save.
