Octagon Africa, through a virtual financial literacy training themed “starting now for a better future”, aims to educate over 1,500 high school students on understanding money, budgeting and saving.
The free financial literacy training is part of Octagon’s social responsibility to contribute to the East and Southern African region’s pension uptake across youth, employed and informal groups.
“Currently the pension coverage in the country is still low at about 22 per cent of the total labour force which is heavily attributed to a poor savings culture. In order to avert these glaring numbers there is a need to cultivate healthy saving habits from a young age,” said Octagon Africa Group CEO Fred Waswa, adding that the move will cultivate a healthy savings culture.
An analysis by investment firm, EFG Hermes reveals that Africa’s saving rate stands at an average of 17% with Kenya’s rate at 12%, half of the average for low-income countries.
“Our vision is to guarantee financial security and we believe that the key to this security lies in saving cultivated from a young age. Through this financial literacy trainings, we are confident that we will be able to contribute to the increment of the savings rate across the region,” said Mr Waswa.
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