YOUNG PEOPLE AND ATTITUDE TOWARDS PENSION PLANNING

YOUNG PEOPLE AND ATTITUDE TOWARDS PENSION PLANNING

The National Census 2019 revealed Kenya is a very youthful country. Those aged between 18 and 35 make up approximately 75% of Kenya’s population. A 2019 survey released by CPF and Infotrak Research and Consulting established that only 10% of this population are saving for retirement. This is despite the fact that anyone over the age of 18 (whether employed or self-employed) is eligible to begin saving for retirement. That being said, this article will discuss the youth’s attitude toward pension planning as well as the reasons why young people should consider starting to save early for retirement.

Weekly Commentary – 11th March 2022

The CBK’s usable foreign exchange reserves remained adequate at USD 8,011 million (4.90 months of import cover). This meets CBK’s statutory requirement to endeavor to maintain at least 4.0-months of import cover, and the EAC region’s convergence criteria of 4.5-months of import cover.

Monthly Market Commentary – February 2022

During the month, the CBK’s usable foreign reserves declined by 1.89% to stand at USD 8.13 billion(4.97 months of import cover).However, this meets the CBK’s statutory requirement to endeavor to maintain at least 4 months of import cover, and the EAC region’s convergence criteria of 4.5 months of import cover.

Weekly Commentary – 25th February 2022

The CBK’s usable foreign exchange reserves remained adequate at USD 8,130 million (4.97 months of import cover). This meets CBK’s statutory requirement to endeavor to maintain at least 4.0-months of import cover, and the EAC region’s convergence criteria of 4.5-months of import cover.

Weekly Commentary – 18th February 2022

The CBK’s usable foreign exchange reserves remained adequate at USD 8,125 million (4.97 months of import cover). This meets CBK’s statutory requirement to endeavor to maintain at least 4.0-months of import cover, and the EAC region’s convergence criteria of 4.5-months of import cover.

Weekly Commentary – 11th February 2022

The CBK’s usable foreign exchange reserves remained adequate at USD 8,196 million (5.01 months of import cover). This meets CBK’s statutory requirement to endeavor to maintain at least 4.0-months of import cover, and the EAC region’s convergence criteria of 4.5-months of import cover.

Pension Scheme Survey Performance – Q4, 2021

For the current quarter, the average return achieved by the 419 pension schemes with total fund value of about Kshs. 850 Billion (excluding property) participating in the survey was 0.7% compared to 3.4% in the previous quarter. This lower return was largely due to the decline in equities from the Q4 2020 majorly as a result of the investor uncertainty over the emergence and persistence of Covid-19 variants and the upcoming general elections.

Weekly Commentary – 28th January 2022

The CBK’s usable foreign exchange reserves remained adequate at USD 8,287 million (5.07 months of import cover). This meets CBK’s statutory requirement to endeavor to maintain at least 4.0-months of import cover, and the EAC region’s convergence criteria of 4.5-months of import cover.

Weekly Commentary – 21st January 2022

The CBK’s usable foreign exchange reserves remained adequate at USD 8,715 million (5.33 months of import cover). This meets CBK’s statutory requirement to endeavor to maintain at least 4.0-months of import cover, and the EAC region’s convergence criteria of 4.5-months of import cover.

Weekly Commentary – 14th January 2022

The CBK’s usable foreign exchange reserves remained adequate at USD 8,764 million (5.36 months of import cover). This meets CBK’s statutory requirement to endeavor to maintain at least 4.0-months of import cover, and the EAC region’s convergence criteria of 4.5-months of import cover.