A study reveals that 70% of Kenyans face uncertainty about their retirement due to rising living costs, family responsibilities, and irregular incomes. The research, conducted by an independent financial institution, shows that many Kenyans are forced to withdraw savings early to cover daily expenses and family needs.
The findings indicate that high inflation and fluctuating wages have eroded savings, leaving many without a secure financial future. Participants reported that unexpected medical bills and the need to support dependents have significantly impacted their ability to save. The study also notes that a lack of stable employment and inconsistent income streams further complicate long-term financial planning.
This issue reflects broader economic challenges in Kenya, including inflation rates exceeding 10% and a growing reliance on informal employment. Experts warn that without policy interventions or improved financial literacy, the retirement security of a large portion of the population remains at risk. The study calls for greater government support and access to affordable financial products to help Kenyans build sustainable savings.
