The Kenyan government has unveiled plans to integrate financial studies into the curriculum of primary and secondary schools, aiming to instill a robust savings culture among students. This initiative comes as part of a broader strategy outlined in the National Retirement Benefits Policy, crafted by the Treasury, to bolster compliance with the National Social Security Fund (NSSF) Act.
Emphasizing the necessity for such a policy shift, officials underscored the prevalent inadequacy in retirement savings coverage. Presently, a considerable portion of Kenyan retirees, particularly those in the informal sector, grapple with financial challenges post-retirement due to insufficient savings.
In a proactive move, the Kenya Institute of Curriculum Development (KICD) has been entrusted with the responsibility of implementing alterations to the existing educational framework. The envisioned changes are slated to be finalized by December 2025, aligning with the government's objective of enhancing financial literacy among students.
"The integration of financial education into the basic education curriculum and the rollout of targeted financial literacy programs are crucial steps towards achieving our objectives," stated a segment of the policy document.
The impetus behind this policy stems from the recognition of the prevalent struggles faced by retirees across the country, particularly in meeting essential needs such as healthcare and housing. Notably, a significant portion of retirees relies solely on basic retirement benefits, often falling short of covering post-retirement medical expenses and housing costs.
"The government is committed to ensuring a high quality of life for its citizens, which necessitates comprehensive measures to address the challenges within the retirement benefits sector," affirmed the policy document.
Concurrently, the government is developing frameworks aimed at encouraging citizens to save towards their retirement homes and post-retirement medical care, recognizing these as vital components of a dignified and financially secure retirement.