Majority of Kenyans ill-prepared for retirement

OMK CEO Reuben Java and Head of Marketing Charity Wainaina

Majority of Kenyans are not ready for retirement, a report by Old Mutual Kenya (OMK) indicates.

Dubbed Old Mutual Savings and Investor Monitor (SIM), its key highlights on savings, investment, education and property ownership shows that only 12pc of Kenyans have made adequate plans for their retirement against 34pc who have not.

Of those with a retirement fund, 28pc say they are aware of the value of their savings, while 72pc are not. The research was conducted by OMK last year.

The results, recently released by OMK Chief Executive Officer (CEO), Reuben Java show the critical need for Kenyans to be educated on how to manage their finances better.

“As a result of our research, we have decided to carry out a country-wide campaign which will take the format of road shows and conference engagements in various regions in the country,” said Mr. Java.

According to the research, 24pc of Kenyans are extremely confident in making good savings and investment decisions while 11pc are not, with 65pc averagely contented with their investment choices.

It indicates that 39pc of Kenyans want to own a business as a key financial goal, 32pc are keen on owning property while 7pc want to complete their education in five years.

Charity Wainaina, the OMK Head of Marketing said the initiative will enable OMK’s financial advisors train community members on calculated investing and demystify myths around insurance as well as educate them on how to manage their personal and family finances.

“This is a key area that continue to plague Kenyans who are continually developing an appetite for fruitful investments,” said Ms. Wainaina

OMK will reach out to Kenyans through road shows and conference engagements
OMK will reach out to Kenyans through road shows and conference engagements