Pension Fund partners with Kenya Young Members of County Assembly

Their responsibility will equip youths with the knowledge of managing their resources.

by KEVIN CHERUIYOT

Africa17 June 2019 - 14:07

In Summary

• The signed MoU will enable the roll-out of a financial literacy campaign intended to bridge the existing gap in financial knowledge and skills among the youth in Kenya.

• This paints a grim picture of their financial future as old-age poverty will inevitably rise if the current low saving patterns persist.

CPF Group Managing Director/CEO Hosea Kili and Kenya Young Members of County Assembly Chairperson June Ndegwa during the MoU signing on June 17, 2019 in Nairobi.

The County Pension Fund and Kenya Young Members of County Assembly have signed a Memorandum of Understanding in Nairobi on Monday.

The signed MoU and partnership will enable the roll-out of a financial literacy campaign intended to bridge the existing gap in financial knowledge and skills among the youth in Kenya.

The CPF group managing director Hosea Kili said it was critical to equip young adults with key essential financial knowledge and skills to give them a firm foundation to manage their risks early in their working life.

“Empowering the youth, who are the majority in Kenya today with adequate financial knowledge and skills is the most worthwhile investment we can make. This can only be achieved through collaborative efforts,” Kili said.

The MD added that their responsibility will equip the youths with the knowledge of managing their resources.

“We have a responsibility towards helping people to understand how to manage their financial resources as a natural extension of the work we do. We will, therefore, work with the Kenya Young Members of County Assembly to address the pressing need to give the youth a financial head-start early in their working lives,” he said.

The survey also indicated that levels of pension savings are lowest among the youngest working age groups.

Kenya Young Members of County Assembly Chairperson June Ndegwa welcomed the partnership saying the majority of youth are currently employed by Small and Medium Enterprises (SMEs), many who lack financial skills necessary for navigating Kenya’s competitive business environment.

“We will use our network to mobilize the youth to participate in public education and awareness forums across the country,” Ndegwa said.

Their partnership comes after a 2019 survey released by CPF and Infotrak Research and Consulting that established only 10 per cent of Kenyan’s under 35 years of age are saving for retirement.

This paints a grim picture of their financial future as old-age poverty will inevitably rise if the current low saving patterns persist.