Seven out of every ten Kenyans are not saving enough money to support a comfortable retirement, according to research by SanlamAllianz Kenya released today. The study identified family expenses, low incomes and debt repayments as the main obstacles preventing people from building retirement savings. Nearly half of those surveyed named family expenses as their biggest challenge, while more than a third blamed low or irregular income. The research also found that 62 per cent of respondents said caring for dependants limited how much they could save.
SanlamAllianz Kenya's Chief Executive Officer Jacqueline Karasha said that access to financial services must lead to genuine long-term financial security. She stated that retirement should be a period offering dignity, independence and choice, rather than forcing people to reduce their ambitions and living standards.