Financial Studies to be Incorporated Into School Curriculum
The government aims to improve the saving culture in the country by introducing financial studies into the curriculum for primary and secondary schools.
The Treasury’s National Retirement Benefits Policy details this initiative, which aims to improve compliance with the National Social Security Fund (NSSF) Act. The proposal stems from the recognition of the low coverage of retirement benefits currently experienced.
In line with this, the Kenya Institute of Curriculum Development (KICD) will be responsible for implementing changes to the existing curriculum. The plan outlines a timeline for finalising the new curriculum by December 2025.
The policy highlights the importance of incorporating financial education into basic education and implementing financial literacy programmes for targeted groups as performance indicators.
According to the Treasury, many Kenyans face financial challenges upon retirement from government and private sector jobs. Most retirees struggle due to inadequate savings, and those in the formal sector typically access most benefits, excluding those in the informal sector.
The government’s long-term socio-economic development strategy, BETA, emphasises the need for a high quality of life for all citizens. However, the retirement benefits coverage remains low, around 25 percent. A comprehensive policy is deemed necessary to address the challenges in the retirement benefits sector and fulfil these aspirations.
Moreover, many retirees rely on their savings to meet basic needs such as healthcare and housing. This is exacerbated by the lack of post-retirement medical coverage and housing benefits in most retirement schemes. Consequently, the government is developing a framework to encourage saving for retirement homes and post-retirement medical expenses.
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Financial Studies to be Incorporated Into School Curriculum
