25,000 Students Gain Financial Literacy Old Mutual Training

Old Mutual has announced that it has trained 25,000 students across 24 colleges in Kenya through its financial literacy program. This initiative, launched in response to alarming data on the country’s financial literacy levels, aims to equip the youth with essential skills for managing their finances.

To tackle these challenges, Old Mutual has focused its efforts on college students, who represent a significant portion of the future workforce. The program includes interactive sessions that allow students to engage directly with financial professionals, fostering a dynamic learning environment. Recent findings from the Old Mutual Financial Services Monitor (OMFSM) reveal a concerning financial landscape in Kenya, where nearly half of the population experiences significant financial stress. Among those earning below Sh20,000, a staggering 17% face challenges with debt. Additionally, 41% of Kenyans resort to borrowing from family and friends just to make ends meet.

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Despite 81% recognizing the importance of saving for retirement, only 26% have taken the necessary steps to begin their savings journey.

“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,” said Carol Misiko, Old Mutual’s Group Risk and Sustainability Executive.

The financial education forums, held across various counties, create an engaging atmosphere for discussions on financial planning, career development, and more. The sessions feature guest speakers and interactive Q&A segments with industry experts, providing students with invaluable insights and practical knowledge. Old Mutual is also collaborating with the Kenya Institute of Curriculum Development (KICD) and other partners to integrate financial literacy into the national school curriculum.