Old Mutual Group has successfully trained 25,000 students across 24 colleges in Kenya. This initiative, designed in response to alarming statistics revealing a low level of financial literacy in the country, is part of a broader campaign aimed at equipping the next generation of earners with essential financial management skills.
Recent findings from the Old Mutual Financial Services Monitor (OMFSM) highlight the pressing financial challenges facing many Kenyans, with nearly half experiencing considerable financial stress. Among them, 17 percent are grappling with debt, particularly impacting those earning below KSh20,000. The report also indicates that approximately 41 percent of Kenyans rely on borrowing from family or friends to meet their financial needs. While 81 percent acknowledge the importance of saving for retirement, only 26 percent have begun to do so.
Recognizing the urgency of this issue, Old Mutual has targeted college students, a demographic poised to become future income earners, to instill in them the knowledge necessary for effective financial management. The interactive training sessions are conducted across various counties and include engaging discussions on financial planning, career development, and other critical topics.
Carol Misiko, Old Mutual’s Group Risk & Sustainability Executive, emphasized the dual purpose of the program: educating students while also gathering insights to innovate Old Mutual’s products tailored to the needs of the youth. “We know that young people today have the world at their fingertips with access to a wealth of information. 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,” she stated.
The forums feature guest speakers and interactive Q&A sessions with financial professionals, providing students with the opportunity to engage directly and learn from industry experts. This approach not only fosters an enjoyable learning environment but also promotes active participation in discussions about vital financial topics.
Old Mutual is also collaborating with the Kenya Institute of Curriculum Development (KICD) and other partners to integrate financial literacy into the national school curriculum. This initiative aims to introduce financial education at an early stage, ensuring that future generations are better equipped to manage their finances.
“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,” Misiko added.
Students are encouraged to stay informed about upcoming Old Mutual financial education forums by following Old Mutual Kenya’s social media channels. Additionally, they can access free online resources on Old Mutual’s platforms, joining thousands who have already benefited from this training initiative.
Through this concerted effort, Old Mutual reaffirms its commitment to bridging the financial literacy gap in Kenya, recognizing the transformative impact it can have on individual lives and the nation’s overall economic growth.