The Old Mutual Group has officially reached 25,000 students across 24 colleges with training on financial literacy. This has been achieved through a campaign that has seen the organization host multiple financial education forums in universities and other tertiary institutions of learning.
The program 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) have shown that nearly half of Kenyans are in considerable financial stress, with 17% struggling with debt, with those earning below Ksh. 20,000 being the worst 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.
In a bid to address this issue, the Old Mutual group decided to target students in colleges, who form a big percentage of the next income earners. This equips them with the knowledge required to sufficiently manage their finances.
The forums, are open to all students and take place in different counties, creating a space for lively chats about financial planning, career development, and more. Guest speakers and interactive Q&A sessions featuring financial experts, give the participants a chance to engage and learn from industry professionals.
Old Mutual also 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 is to introduce financial education in the formative stages of learning, allowing for an enlightened population as the next generation takes shape.
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, joining thousands of students already benefiting from the training.
Carol Misiko, Old Mutual’s Group Risk and Sustainability Executive, stressed how this program not only educates students but also gathers valuable insights saying, “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 said.