This archive report was first published on 24 December 2019.
According to a recent report by Standard Chartered, a significant number of Kenyans are unlikely to achieve their retirement wealth target by the age of 60. The report, which was published on December 24, 2019, found that 66% of Kenyans will fall short of their aspirations, with many not even halfway to achieving their wealth goals.
With a wealth expectancy of Sh63.6 million, many Kenyans will struggle to meet their targets. In fact, almost a third (32%) of savers will be more than 80% away from their target, highlighting the significant gap between their aspirations and reality.
The report also noted that Kenyans are eager to invest, with 58% of respondents expressing a desire to invest more. However, they lack access to financial advice, which is a major obstacle to achieving their goals.
Interestingly, the report found that Kenyans are more driven to start or fund businesses than individuals in other countries, with 27% of respondents citing this as one of their top three financial goals. This is a significant finding, as entrepreneurship is often seen as a key driver of economic growth.
So, what drives Kenyans to save? The report found that financing their children's education, buying land, and investing in property are among the key reasons. However, with the majority of Kenyans falling short of their retirement wealth target, it's clear that there is a need for greater financial literacy and access to advice.
