Nairobi – Over 1,500 high school students across the East and South Africa region will benefit from financial literacy training to promote a healthy saving culture.
Octagon Africa aims to provide students with an understanding of money, budgeting and saving through the first virtual financial literacy training on the topic of Starting Now For A Better Future.
“At the moment, the pension coverage in the country is still low with around 22 percent of the total working population, which is largely attributed to a poor culture of savings. To avert these blatant numbers, healthy savings habits must be cultivated by young people. “Age,” said Fred Waswa, CEO of Octagon Africa Group.
Analysis by EFG Hermes shows that Africa’s savings rate averages 17 percent and Kenya’s savings rate averages 12 percent, half the average for low-income countries.
“Our vision as Octagon Africa is to ensure financial security, and we believe the key to that security lies in saving at an early age across the region,” he concluded.
Providing high school students with free financial literacy training is part of Octagon’s social responsibility to contribute to the region’s pension take-up by young, employed and informal groups.