Government Unveils Plan to Incorporate Financial Education in Primary & Secondary Schools
In an effort to promote a culture of saving in the country, the government has announced its plan to introduce financial studies into the curriculum of primary and secondary schools.
The National Retirement Benefits Policy, prepared by the Treasury, highlights the need to improve compliance with the National Social Security Fund (NSSF) Act. The proposal is a response to the low coverage of retirement benefits currently experienced in the country.
To implement this new initiative, the Kenya Institute of Curriculum Development (KICD) will be responsible for enforcing the necessary changes to the existing curriculum.
The plan aims to finalize the new curriculum by December 2025. It includes the incorporation of financial education into basic education and the implementation of financial literacy programs for targeted groups.
The reasons behind this policy are clear. Many Kenyans face financial difficulties after retiring from their government or private sector jobs due to a lack of savings. Additionally, the majority of those who do receive retirement benefits are employed in the formal sector, leaving those in the informal sector without coverage.
The government’s long-term socio-economic development strategy, BETA, emphasizes the importance of providing a high quality of life for all citizens. However, the current retirement benefits coverage falls short of this goal.
By introducing financial education at an early stage, the government hopes to instill a saving culture among students, ensuring a more secure financial future for all.