Kenya: Old Mutual provides financial literacy training to 25,000 students

The Old Mutual Group has reached 25,000 students across 24 colleges through its financial literacy training initiative. This achievement stems from a campaign that has hosted numerous financial education forums in universities and other tertiary institutions.

This program was developed in response to research highlighting a significant lack of financial literacy in the country. Recent editions of the Old Mutual Financial Services Monitor (OMFSM) reveal that nearly half of Kenyans experience considerable financial stress, with 17% struggling with debt. Those earning below Ksh. 20,000 are particularly affected. The reports also indicate that approximately 41% of Kenyans rely on borrowing from family or friends to make ends meet. While 81% recognize the importance of saving for retirement, only 26% report having started this process.

To tackle these challenges, Old Mutual has targeted college students, who represent a substantial portion of future income earners, providing them with essential skills to effectively manage their finances.

The forums are accessible to all students and take place in various counties, fostering engaging discussions about financial planning, career development, and more. Participants benefit from guest speakers and interactive Q&A sessions with financial experts, allowing them to connect and learn from industry professionals.

Additionally, Old Mutual collaborates with the Kenya Institute of Curriculum Development (KICD) and other like-minded partners to integrate financial literacy into the national school curriculum. This initiative aims to introduce financial education during formative learning stages, ultimately fostering a more informed population for future generations.

Students are encouraged to stay updated on upcoming Old Mutual financial education forums by following Old Mutual Kenya’s social media channels. They can also access free online resources through Old Mutual’s platforms, joining thousands of students who are 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.