Students in Primary and Secondary schools will soon have financial studies as part of their curriculum as the government aims to improve a saving culture in the country.
As detailed in the National Retirement Benefits Policy that was prepared by the Treasury, the government is seeking to enhance compliance with the National Social Security Fund (NSSF) Act.
It was highlighted that the proposal was based on the current low coverage of retirement benefits.
In undertaking the new proposal, the Kenya Institute of Curriculum Development (KICD) will be tasked with enforcing the changes to the existing curriculum.
According to the plan, the new curriculum should be finalised in December 2025.
"Performance indicators include enhanced education curriculum to include financial education in basic education and implement financial literacy programs for targeted groups," read the policy in part.
Reasons for the Policy
As indicated by the Treasury, many Kenyans struggle once they retire from government and private sector jobs.
This is because very few people save towards their retirement. On the other hand, most of those who uptake the retirement benefits are Kenyans who are employed in the formal sector with the vast majority in the informal sector left out.
"The government's long-term socio-economic development strategy, BETA, requires that the country provides a high quality of life to its citizens. However, the majority of Kenyans remain uncovered with the retirement benefits coverage at about 25 per cent.
"In this regard, there is a need for a comprehensive policy to address the various issues and challenges faced in the retirement benefits sector to achieve these aspirations." read the policy document.
Additionally, most Kenyans retire to meet their basic needs for healthcare and housing. This is also because most retirement schemes do not offer benefits for post-retirement medical cover and housing.
Therefore, the government is also working on a framework that will see Kenyans save towards their retirement homes and post-retirement medical cover.
