Sharp Daily
No Result
View All Result
Friday, July 11, 2025
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
Sharp Daily
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team
No Result
View All Result
Sharp Daily
No Result
View All Result
Home News

It Is Time As Kenyans We Embrace A Savings Culture

Dennis Otsieno by Dennis Otsieno
March 31, 2023
in News
Reading Time: 2 mins read
Pension Schemes

Pension Schemes [photo/Courtesy]

The devastating impact of Covid-19 on livelihoods brought to the fore the importance of savings and investment. Savings provide a safety net for unexpected expenses. Whether it’s a medical emergency, car repairs, or an unexpected job loss, having a savings fund gives one peace of mind knowing that there is a cushion to fall back on.

For nearly six decades, the National Social Security Fund has been a crucial component of social protection in Kenya as a contributory scheme that offers social security benefits to its members and their dependents once they hit retirement age.

Read:Why Employers are Unhappy with New NSSF Rates

However, a 2021 Household Survey Report indicated that only 10.6 percent of households in Kenya have access to pension services, including NSSF. This means that 89.4 percent of Kenyans lack a financial nest for their retirement, which poses the risk of old-age poverty.

RELATEDPOSTS

Still sending tier II contributions to NSSF by default? Time to reconsider.

June 13, 2025

April action plan: Save, invest & earn daily with CMMF

April 9, 2025

Furthermore, a 2021 study conducted by FG Hermes indicates that Kenya’s saving rate is at 12 percent, which is below Africa’s average of 17 percent.

The country is also way behind the 30 percent target as envisaged under the Kenya Vision 2030 blueprint. With the uncertain economic conditions that keep arising, now more than ever, it is time as Kenyans we start planning for the future.

It is in the latter working years when one realizes the importance of retirement perks and more so upon retirement. This, therefore, means a savings culture and more so setting up a pension fund is quite useful.

Read:5 Reasons Why You Should Invest In Money Market Fund

Pension funds are retirement arrangements that are designed to help individuals build a nest egg for their golden years. While it may be tempting to put off savings for retirement until later years in life, the earlier one starts, the better off one will be in their later life.

With the number of retirees growing each year, ensuring that people have sufficient financial resources in their sunset years must become an essential responsibility for individuals, governments and businesses alike.

Email your news TIPS to editor@thesharpdaily.com

Previous Post

Volatile Inflation Likely to Hinder Kenya’s Economic Growth

Next Post

CBK’s 2023 Economic Growth Outlook

Dennis Otsieno

Dennis Otsieno

Related Posts

Business

Del Monte foods files for bankruptcy in USA

July 3, 2025
News

Private vs Public Pension Funds in Kenya

June 30, 2025
Investments

Investor shift to long term bonds drives oversubscription in CBK’s reopened auction

June 19, 2025
News

The real price of Israel – Iran Conflict for Kenya.

June 19, 2025
Economy

Resilient but strained: Kenyan firms speak out in May 2025 CEO survey.

June 19, 2025
News

Co-op Bank posts KES 6.9 billion profit in Q1’2025

May 16, 2025

LATEST STORIES

Why Employers Should Prioritize Pensions Over One-Time Gratuity Payments

July 10, 2025
Business and Finance Concept - Coin, Currency, Financial Item, Graph,

Opinion: Why lower taxes may be Kenya’s only escape route

July 10, 2025

Nvidia becomes the first company globally to hit USD 4.0 trillion market value

July 10, 2025

Privatization in Kenya: A new dawn for capital markets and fiscal stability

July 10, 2025

How Kenya is future-proofing its economy against illicit finance

July 9, 2025

The importance of Investment Policy Statements (IPS) for pension schemes in Kenya

July 4, 2025

Understanding Life Cover as an Additional Benefit in Retirement Benefit Schemes

July 4, 2025

Del Monte foods files for bankruptcy in USA

July 3, 2025
  • About Us
  • Meet The Team
  • Careers
  • Privacy Policy
  • Terms and Conditions
Email us: editor@thesharpdaily.com

Sharp Daily © 2024

No Result
View All Result
  • Home
  • News
    • Politics
  • Business
    • Banking
  • Investments
  • Technology
  • Startups
  • Real Estate
  • Features
  • Appointments
  • About Us
    • Meet The Team

Sharp Daily © 2024