On May 12, 2022, Education Cabinet Secretary Prof. George Magoha emphasized the importance of financial literacy and planning for a secure retirement in Kenya.
Speaking at the Zamara retirement conference in Nairobi, Prof. Magoha stressed the need for self-discipline, adequate preparation, and planning to live a comfortable life during one's sunset years.
He noted that many Kenyans struggle with reduced incomes and erratic financial situations during retirement, making it challenging to cope with advancing age and health issues.
Prof. Magoha urged stakeholders to establish a robust policy governance framework to provide adequate social security and wellbeing for Kenyans.
Mr. Sundeep Raichura, CEO of Zamara Group, a pension administrator, called for the government to focus on establishing financial literacy at an early age in schools to cultivate a culture of saving in the country.
Through the Angaza program, Zamara aims to enhance financial literacy among the young population and support the government in embedding basic money management skills in the school curriculum.
Mr. Raichura emphasized the importance of financial literacy in shaping children's attitudes towards money during their formative years, citing research that suggests money habits are formed as early as age seven.
