Old Mutual empowers Kenyan journalists with financial literacy training amid economic uncertainty

In response to a pressing need for enhanced financial literacy among Kenyans, Old Mutual Group has concluded a significant training program aimed at equipping journalists with the necessary skills to effectively report on financial matters.

The training session brought together media professionals from various outlets, focusing on improving public education around financial management, savings, and investments.

The initiative follows findings from the Old Mutual Financial Services Monitor, which highlighted critical financial issues faced by a substantial portion of the Kenyan population. The report revealed alarming trends, including a lack of awareness about essential financial tools like insurance, savings plans, and investment options. This gap in financial knowledge has left many Kenyans vulnerable to economic instability and exposed to the risks of poor financial planning.

The Old Mutual study underscored several pressing financial challenges including low utilization of financial solutions. Many Kenyans lack awareness or access to crucial financial products such as insurance, diversified savings plans, and methods to hedge against inflation. This shortfall is a significant contributor to financial insecurity, with many individuals missing opportunities to secure their financial futures.

The report also highlighted poor debt management strategies at the individual level, exacerbating financial burdens for households. Inefficient use of debt has become a growing economic issue, negatively impacting the overall financial well-being of families across the country.

Additionally there is inadequate retirement planning. A considerable number of Kenyans are failing to prepare sufficiently for retirement, placing their future financial stability at risk. The lack of comprehensive retirement savings not only affects individuals but also has broader implications, increasing the financial pressure on future generations.

Old Mutual’s media training program is part of its broader sustainability strategy, which aims to build financial resilience in communities by empowering key stakeholders. By enhancing journalists’ understanding of financial concepts, Old Mutual hopes to strengthen public awareness and promote more informed financial decision-making.

“We believe that the media plays a crucial role in educating the public on important financial issues,” said Dr. Isaac Nzyoka, Group COO of Old Mutual East Africa. “Through this training, we hope to inspire positive changes in the way financial matters are understood and handled across the country. Our goal is to advance financial literacy through media collaboration and provide communities with the knowledge they need to navigate economic challenges.”

The training marks a significant step in Old Mutual’s commitment to raising financial education standards and supporting the public in making sound financial choices. By equipping journalists with enhanced skills and tools, the company aims to drive trusted conversations and guide communities through times of macroeconomic uncertainty.

This initiative aligns with Old Mutual’s broader objectives of promoting financial resilience, fostering informed financial practices, and contributing to a stronger economic foundation for Kenyans. As part of its ongoing strategy, the company seeks to collaborate with the media, educational institutions, and community organizations to elevate the discourse around financial literacy and ensure that essential financial knowledge reaches all segments of the population.

With the completion of this training program, Old Mutual hopes to see an increased focus on quality financial reporting, ultimately benefiting individuals, households, and the broader Kenyan economy.