This archive report was first published on 26 September 2019.
Published on September 26, 2019, a report by the Association of Kenyan Insurers highlighted the alarming rate of Kenyans unprepared for retirement. The survey revealed that over 70% of Kenyans are not prepared for retirement, with high cost of living, meagre income, low level of saving discipline, lack of financial literacy, and lack of investment ideas being major contributing factors.
According to the survey, a majority of Kenyans rely on the internet and media for information on saving for retirement. The survey, which covered 10 counties, found that those in rural areas were better prepared for retirement compared to their urban counterparts.
Experts estimate that a retired person requires up to 60% of their last salary to maintain their living standards. However, the survey found that most retirees are using their retirement savings to build businesses, which often fail due to poor management expertise and lack of business knowledge.
Related articles include 'Reduction in gross income hindering Kenyans from voluntary retirement' and '86% of Kenya's working population uncertain of financial security in retirement – Report.'
