The Old Mutual Group today announced that it has reached 25,000 students across 24 colleges with training on financial literacy.
According to a presser by the Group, this was achieved through a campaign that has seen the organisation host multiple financial education forums in universities and other tertiary institutions of learning.
The programme, the group said, is informed by research findings indicating a low level of financial literacy in the country.
Recent editions of the Old Mutual Financial Services Monitor (OMFSM), show that nearly half of Kenyans are in considerable financial stress, with 17% struggling with debt.
Those earning below KSh20,000 are worse affected.
The reports also indicate that to make ends meet, nearly 41% of Kenyans have to borrow money from family or friends.
Additionally, whilst 81% of Kenyans feel that saving for retirement is important, only 26% claim to have started saving for it.
“For a turn-around, we decided to target students in colleges, who form a big percentage of the next income earners, equipping them with the knowledge required to sufficiently manage their finances,” the group said in a statement.
The forums, which are open to all students and take place in different counties, aim to create a fun space for lively chats about financial planning, career development, and more.
They also include guest speakers and interactive Q&A sessions featuring financial experts, giving the participants a chance to engage and learn from industry professionals.
Old Mutual’s Group Risk & Sustainability Executive Carol Misiko emphasised that the programme not only educates students but also gathers valuable insights that can help innovate the group’s products to meet the evolving needs of the youth.
“We know that young people today have the world at their fingertips with access to a wealth of information,” she said.
“Our goal is to help them sort through, refine and make the most of that information when it comes to financial planning, so they can secure financial freedom.”
The initiative also seeks to reinforce Old Mutual’s commitment to narrowing the financial literacy gap across Kenya, with an understanding of just how much of a difference it can make in people’s lives and in the overall growth of the nation.
Old Mutual affirmed that it is still in works with the Kenya Institute of Curriculum Development (KICD) and other like-minded partners to embed financial literacy into the national school curriculum.
The objective, the group added, is to introduce financial education in the formative stages of learning, allowing for an enlightened population as the next generation takes shape.
“Integrating financial education into the school curriculum is changing the game and will contribute to greater financial inclusion and access. We are inviting like-minded partners and institutions to join us in achieving this noble purpose,” said Misiko.
Students are encouraged to look out for updates about the upcoming Old Mutual financial education forums by following Old Mutual Kenya’s social media channels.
They can also access free online resources on Old Mutual’s online platforms, where they will be joining thousands of students already benefiting from the training.
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