- Kenya's saving rate is at 12 per cent, way below Africa's average of 17 per cent.
- So far, 1,500 children in Kenya have benefitted from Cha-Ching with 50 teachers trained in the program curriculum.
Image: HANDOUT
Prudential Plc has partnered with the popular Akili Kids children’s television channel, to impart financial skills to over six million children in Kenya aged 7 – 12 years.
This is a bid to enhance the saving culture in the country, with data showing that Kenya is lagging behind its East African peers in terms of the national saving rate.
According to the report looking at different investment options in the country by EFG Hermes, Kenya's saving rate is at 12 per cent, way below Africa's average of 17 per cent.
This is half of the average for low-income countries (26 per cent of GDP). By contrast, neighbouring Uganda and Tanzania have already crossed the 20 per cent mark even though their per capita income is significantly lower.
Announcing the partnership, Prudence Foundation executive director, Marc Fancy, said the partnership will help socialize and raise awareness of the Cha-Ching financial literacy programme in Kenya.
“Financial education is a key life skill, and we strongly believe that children need that firm foundation built around good money values to help them transition into a financially responsible adulthood,'' Fancy said.
Akili Kids television channel will over a period of one year, air episodes of Cha-Ching – an animation and music-based financial literacy program developed by the Prudence Foundation to instill financial skills in children.
The weekly programme will reach over six million kids in Kenya along with their parents, with co-viewing presenting an opportunity for parents to get more involved in teaching their children the importance of sound money skills in life.
Prudential Kenya CEO, Gwen Kinisu said the partnership with Akili Kids seeks to build on the ongoing efforts by the company to promote financial literacy in the country.
“Prudential is excited to be part of this noble initiative to empower our children and instill in their financial literacy skills, setting them up for better financial futures,'' Kinisu said.
He added that the firm is confident that this will drive its objectives around financial inclusion and supporting the mission of helping people get the most out of life.
In 2015, Prudential Plc teamed up with Junior Achievement to empower youth in Africa with financial skills through Cha-Ching.
Five years later, they signed a three-year deal to expand the Cha-Ching programme in Africa including Kenya.
So far, 1,500 children in Kenya have benefitted from Cha-Ching with 50 teachers trained in the program curriculum.
The Cha-Ching programme is designed to teach children four fundamental money smart concepts: Earn, Save, Spend and Donate.
It was originally developed by Prudence Foundation in partnership with Cartoon Network Asia and Emmy Award Winning children’s education specialist Alice Wilder.
It features online games, music videos and other captivating content aimed at making it easier for children to acquire smart money skills.
Prudential is also exploring opportunities to get Cha-Ching into the school curriculum, emphasizing financial literacy as a core competence in line with the Competency-Based Curriculum currently being implemented in Kenyan schools.
In May this year, Prudence Foundation in conjunction with Junior Achievement Kenya and the Ministry of Education, held the 2022 Cha-Ching Financial Literacy Challenge.
Financial literacy is a critical life skill with research showing that having a basic understanding of money at an early age can have a significant impact on an individual’s financial future.
United Nations Children’s Fund (UNICEF) defines financial education as the process of inculcating the ability to be both financially literate and financially capable.
According to research by the University of Cambridge, by the age of seven several basic concepts related to money will typically have developed.
These findings informed the decision by Prudence Foundation to develop Cha-Ching, a program targeting the 7-12- year age bracket.
A Cha-Ching school curriculum program has also been implemented across the world reaching over 870,000 children and with over 23,000 teachers trained.
In addition, millions of children also view cartoon episodes every day via Cartoon Network, YouTube and other online channels, with the programs available in 13 languages.
Parent guides are also available for at-home activities to help children understand the modules.