Kenya’s saving culture among the youth is really wanting. This emerged during a Trustees management forum held at Great Rift Valley Lodge in Naivasha where various stakeholders were in attendance.
RBA Chief Executive officer Edward Odundo identified the young generation and workers in the informal sector as the worst affected when it came to retirement savings.
Addressing the press on the sidelines of the forum, Odundo noted there was no pension scheme targeting young workers, hence the poor savings rate.
The CEO was however quick to note that the pension scheme industry was on the rise adding that they expected it to hit the one trillion shillings mark by the end of this year.
Odundo attributed the success in the industry to proper regulation framework, good governance and training of staff.
The CEO of Uchumi supermarket Julius Kipng’etich noted the country’s saving rate stood at 13 percent against a target of 30 percent in line with 2030 Vision.
Kipng’etich challenged pension schemes to be more innovative so as to reach more workers mainly those working in the informal sector.