Workers across Mt Kenya region have been challenged to take a more deliberate approach to saving, investing and retirement planning as economic uncertainty, rising living costs and longer life expectancy continue to reshape the financial realities facing working Kenyans.
The call was made during a Financial Wellness and Retirement Preparedness Forum organised by Octagon Africa in Kerugoya, Kirinyaga County, which brought together employees, human resource professionals and business leaders from across the Mt Kenya region to discuss practical approaches to strengthening financial resilience, enhancing retirement readiness and securing long-term financial wellbeing.
Participants explored key pillars of financial wellness, including budgeting, debt management, emergency fund planning, investment education, retirement preparedness and wealth creation. Discussions also focused on emerging workforce risks such as inflation, rising healthcare costs, job market disruption, increased longevity and changing family responsibilities, all of which have significant implications for long-term financial wellbeing.
Speaking during the forum, Davis Ongiro, CEO, Kenya, Octagon Africa, said that while financial inclusion has improved considerably over the years, many Kenyans remain financially vulnerable because they are not adequately prepared for life’s unexpected challenges or for retirement.
“Financial inclusion is only the beginning. True financial wellbeing is measured by an individual’s ability to withstand economic shocks, achieve important life goals and retire with dignity. Many people focus on earning an income today without building the financial foundations needed for tomorrow. Wealth creation is not determined by how much you earn, but by how consistently you save, invest and protect your future,” said Ongiro.
He noted that employee financial security has become an increasingly important component of workforce resilience, particularly as workers navigate a rapidly changing economic and employment environment.
“Today’s workforce faces a range of risks that extend beyond the workplace. Inflation, healthcare expenses, longer life expectancy and economic uncertainty mean that retirement planning can no longer be postponed. Financial wellness, retirement readiness and financial literacy are no longer optional; they are essential life skills that help individuals build resilience and maintain financial independence throughout their lives,” he added.
According to the 2024 FinAccess Household Survey, formal financial access increased to 84.8 per cent of Kenyan adults, up from 83.7 per cent in 2021. Despite this progress, only 18.3 per cent of Kenyans are considered financially healthy, highlighting a widening gap between access to financial services and the ability to effectively save, invest and prepare for retirement.
The findings reveal that financial health remains relatively low across the Mt Kenya region, with the best-performing counties only marginally surpassing the national average of 18.3 per cent. Kiambu records the highest share of financially healthy adults at 26.7 per cent, followed by Kirinyaga (25.9%), Nyeri (25.4%), Embu (23.7%), Nyandarua (22.9%), Murang’a (21.9%), Laikipia (21.3%), Tharaka-Nithi (20.7%), Nakuru (20.2%) and Meru (19.6%).
The figures underscore the challenge facing the region: moving beyond financial access to building genuine financial resilience through disciplined saving, prudent investing and long-term retirement planning.
The forum encouraged employees to adopt disciplined financial habits, including setting aside a portion of their income for savings, establishing emergency funds equivalent to at least six months of living expenses, reducing reliance on expensive debt and taking advantage of retirement savings opportunities available through occupational pension schemes and individual retirement plans.
Participants also received guidance on investment opportunities available through pension schemes, collective investment vehicles and the capital markets, with experts underscoring the importance of starting early to benefit from the power of compounding and long-term investing.
The FinAccess Household Surve shows that pension access in Kenya has improved from 15.2 per cent in 2021 to 20.4 per cent in 2024. However, pension coverage remains relatively low, highlighting the need for greater awareness and voluntary retirement savings among working Kenyans.
The forum forms part of Octagon Africa’s broader commitment to advancing financial literacy, promoting retirement preparedness and supporting the development of financially resilient workforces across the country.
