Seven in 10 Kenyans are not on track for a comfortable retirement, according to a new study by SanlamAllianz Kenya. The inaugural Retirement Benchmark report highlights that many individuals are underprepared for their financial future. The study found that only 30% of Kenyans have sufficient savings to support a retirement lifestyle.
The report emphasizes the need for better financial planning and increased savings habits. It notes that many Kenyans rely on informal savings methods rather than structured retirement accounts. Experts suggest that early planning and regular contributions are key to ensuring financial stability in later years.
The findings come as Kenya continues to grapple with economic challenges and rising living costs. Retirement planning has become a growing concern for many citizens, especially with the increasing average age of retirement. The study calls for greater awareness and education on retirement savings options available in the market.
