County fund rolls out financial literacy drive with partners

County Pension Fund
CPF Group Managing Director and CEO Hosea Kili [Photo, Courtesy]

The County Pension Fund (CPF) has teamed up with  Kenya County Pension Fund Young Members of County Assembly (KYMCA) to run a financial literacy campaign for youth in the country.

Signing the MoU recently, CPF Group Managing Director and CEO Hosea Kili said it was critical to equip young adults with key essential financial knowledge and skills to give them a firm foundation to manage their risks early in their working life.

“Empowering the youth, who are the majority in Kenya today with adequate financial knowledge and skills is most worthwhile investment we can make. This can only be achieved through collaborative efforts,” he said.

The collaboration comes on the back of a recent survey released by the fund in partnership with Infotrak that showed that only 10 per cent of Kenyans under 35 years are saving for retirement.

Additionally, the survey found that the levels of pension savings are lowest among the youngest working age groups.

This paints a grim picture of their financial future as old-age poverty will inevitably rise if the current low saving patterns persist.

“We have a responsibility towards helping people to understand how to manage their financial resources as a natural extension of the work we do. We will therefore work with the Kenya Young Members of County Assembly to address the pressing need to give the youth a financial head-start early in their working lives,” Mr Kili said.

KYMCA chairperson June Ndegwa welcomed the initiative saying the majority of youth who are currently employed by Small and Medium Enterprises (SMEs) lack financial skills necessary for navigating Kenya’s competitive business environment.

“We will use our network to mobilize the youth to participate in public education and awareness forums across the country,” She said.

Premium 'We are losing Sh3 billion on protest days, investors lament
Premium Why it's time to overcome the fear of mass action and its after-effects
By Brian Ngugi 21 hrs ago
Political risk insurance demand high amid street demonstrations
By Nzau Musau 1 day ago
Standard Editor lands global role
The Standard
Subscribe for the KES1999 KES999 offer today!