Over 1,500 high school students across the East and Southern African region will benefit from financial literacy training in a bid to cultivate a healthy savings culture.
Octagon Africa, through the first virtual financial literacy training, themed Starting now for a better future, aims to educate the students on understanding money, budgeting and saving.
“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.
An analysis by EFG Hermes reveals that Africa’s saving rate stands at an average of 17 percent with Kenya’s saving rate at 12 percent, half of the average for low-income countries.
“Our vision as Octagon Africa 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,” he concluded.
The free financial literacy training for high school students is part of Octagon’s social responsibility to contribute to the region’s pension uptake across youth, employed and informal groups.