Workers across Kenya’s Coast region have been urged to take a more intentional approach to saving, investing and retirement planning as economic uncertainty, rising living costs and increasing life expectancy continue to reshape the financial future of many households.
The call was made during a Financial Wellness and Retirement Preparedness Forum organised by Octagon Africa in Kilifi County. The forum brought together employees, human resource professionals and business leaders from across the region to discuss practical strategies for improving financial resilience, enhancing retirement readiness and securing long-term financial wellbeing.
Participants engaged in discussions on key aspects of financial wellness, including budgeting, debt management, emergency savings, investment planning, retirement preparedness and wealth creation. The forum also examined emerging challenges facing today’s workforce, such as inflation, escalating healthcare costs, job market disruptions, longer life expectancy and evolving family responsibilities.
Speaking at the event, Fred Waswa, Group CEO of Octagon Africa, noted that while access to financial services has expanded significantly in recent years, many Kenyans remain financially vulnerable due to inadequate preparation for unexpected life events and retirement.
“Financial inclusion is only the first step. True financial wellbeing is reflected in an individual’s ability to withstand economic shocks, achieve life goals and retire comfortably. Many people focus on earning an income today without laying the financial foundation needed for tomorrow. Wealth creation is not determined by how much you earn, but by how consistently you save, invest and protect your future,” said Waswa.
He emphasized that financial security has become a critical pillar of workforce resilience, particularly as employees navigate an increasingly uncertain economic environment.
“Today’s workers face risks that extend beyond the workplace. Inflation, healthcare expenses, longer life expectancy and economic uncertainty mean retirement planning can no longer be postponed. Financial literacy, financial wellness and retirement readiness are essential life skills that help individuals maintain financial independence throughout their lives,” he added.
According to the 2024 FinAccess Household Survey, formal financial access among Kenyan adults rose to 84.8 percent in 2024, up from 83.7 percent in 2021. However, only 18.3 percent of Kenyans are considered financially healthy, highlighting a significant gap between access to financial services and the ability to effectively save, invest and plan for the future.
The survey further indicates that financial health levels remain relatively low across the Coast region. Financially healthy adults account for 20.8 percent in Taita Taveta, 16.3 percent in Lamu, 14.4 percent in Mombasa, 9.5 percent in Kilifi, 4.9 percent in Kwale and only 2.5 percent in Tana River. These figures underscore the need for greater emphasis on financial planning and wealth-building practices.
During the forum, employees were encouraged to adopt disciplined financial habits, including setting aside a portion of their income for savings, building emergency funds equivalent to at least six months of living expenses, reducing dependence on expensive debt and taking advantage of retirement savings opportunities through occupational pension schemes and individual retirement plans.
Experts also highlighted various investment opportunities available through pension schemes, collective investment vehicles and capital markets, emphasizing the importance of starting early to maximize the benefits of compound growth over time.
The survey also shows that pension access in Kenya improved from 15.2 percent in 2021 to 20.4 percent in 2024. Despite this progress, pension coverage remains low, pointing to the need for increased awareness and greater uptake of voluntary retirement savings products.
The forum is part of Octagon Africa’s broader efforts to promote financial literacy, retirement preparedness and the development of financially resilient workforces across Kenya.
As the Coast region continues to attract investment, create jobs and drive economic growth, participants were encouraged to convert today’s earnings into long-term financial security through disciplined saving, prudent investing and proactive retirement planning.