Over 1,500 high school students across the East and Southern African region will benefit from financial literacy training in a bid to cultivate a healthy savings culture.
Octagon Africa, through the first virtual financial literacy training, themed Starting now for a better future, aims to educate the students on understanding money, budgeting, and saving.
“Currently the pension coverage in the country is still low at about 22 percent of the total labor force which is heavily attributed to a poor savings culture. In order to avert these glaring numbers there is a need to cultivate healthy saving habits from a young age,” said Octagon Africa Group CEO Fred Waswa.
An analysis by EFG Hermes reveals that Africa’s saving rate stands at an average of 17 percent with Kenya’s saving rate at 12 percent, half of the average for low-income countries.
“Our vision as Octagon Africa is to guarantee financial security and we believe that the key to this security lies in saving cultivated from a young age. Through this financial literacy trainings, we are confident that we will be able to contribute to the increment of the savings rate across the region,” he concluded.
The free financial literacy training for high school students is part of Octagon’s social responsibility to contribute to the region’s pension uptake across youth, employed and informal groups.
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ABOUT OCTAGON AFRICA
Octagon Africa, headquartered in Nairobi, Kenya, is one of the leading financial services providers of pension, actuarial services, insurance brokerage, and training services to individuals, non-profit, public, and private sector organizations. In line with its Pan-African dream, Octagon has expanded its operations to Kampala, Uganda, and Lusaka, Zambia. Over the last 14 years, Octagon Africa has grown its fund portfolio to more than 200 corporate clients at the end of 2020. For more information about Octagon Africa, please visit: www.octagonafrica.com