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Kenya, like most African countries, still suffers from chronic low savings rates, primarily attributed to financial illiteracy.
According to a 2021 report by EFG Hermes, Kenya’s savings rate —calculated as the difference between income and consumption, expressed as percent of GDP — was at 13 percent, which is way below Africa’s average of 17 percent.
By contrast, neighbouring Uganda and Tanzania have already crossed the 20 percent mark even though their per capita income is significantly lower.
Today, more than ever, financial education is a core life skill as more households are living from pay cheque-to-pay cheque.
