This archive report was first published on 18 October 2019.
Millennials in Kenya, like their counterparts worldwide, are often faced with the challenge of managing their finances effectively. A study conducted by the Money Advice Service in 2014 found that young people are highly likely to make poor financial decisions, especially when making the transition between school and their first jobs.
According to the study, titled "It is Time to Talk Money: Young People and Money Regrets," the disconnect between social independence and financial responsibility does not last forever. By the time millennials gain complete independence from their parents or guardians, many of them will already have learned the importance of financial responsibility.
Geoffrey Ireri, a 31-year-old carpenter, is one such individual who has learned from his financial mistakes. He received financial literacy training from Alternative Africa at the age of 28 and has since made significant changes to his financial management.
"I used to make decisions about money based on what I believed my needs were and depending on the amount of money I had at my disposal," Geoffrey said. "But now, I write down my needs even before I set out to look for money and look for ways to sustain the recurring expenses, such as rent and food."
Agatha Zawadi, a 25-year-old interior designer and student, has also learned from her financial mistakes. She has never taken any financial literacy classes but has relied on counsel from her mother and elder sisters whenever she needed to make financial decisions.
"I didn't think I needed to do any planning, and it never occurred to me that there could be a better way to use my money beyond exploring all entertainment spots in Nairobi," Agatha said. "But now, I've had to make better financial plans to make my mother's retirement possible and to have enough to allow me to have an easy transition to life without employment."
These stories highlight the importance of financial management classes for young people. By learning from their financial mistakes and taking control of their finances, millennials in Kenya can avoid costly errors and secure a brighter financial future.
