Old Mutual Group has held a comprehensive financial education training program for journalists to enhance their understanding and reporting of financial matters.
The training comes on the back of a recent study by Old Mutual highlighting critical financial challenges faced by many Kenyans.
According to the Old Mutual Financial Services Monitor, a significant portion of the Kenyan population struggles with effective financial management, especially when it comes to utilizing key financial solutions such as savings, investments and insurance.
The study also revealed a widespread lack of understanding of financial considerations and diversification, leading to missed opportunities for securing financial futures.
Key findings included:
- Low understanding and utilization of financial solutions: Many individuals lack awareness or access to essential financial tools such as insurance, savings plans, investments, and methods to hedge against inflation. This leaves a large segment of the population vulnerable to financial instability.
- Inefficient debt utilization and management: Poor debt management strategies have led to a growing economic burden on individuals, households, and even the nation. This mismanagement of debt at an individual level is stifling the financial well-being of many families.
- Inadequate retirement planning: Many Kenyans are failing to adequately plan for retirement, which poses a serious risk to their future financial security. This shortfall in retirement savings not only affects individuals but also places greater pressure on future generations, perpetuating a cycle of poverty.
The Old Mutual media training sought to bridge these gaps by equipping journalists with the knowledge and tools they need to better understand these issues and communicate them to the public.
The ultimate objective was to also empower media consumers to make informed decisions about managing their finances, avoiding common pitfalls, and building a secure financial future.
“We believe that media plays a crucial role in educating the public on important financial issues. Media have the power to democratize financial education, shape national dialogue, and set the standard on quality financial education in our markets,” said Dr. Isaac Nzyoka, Group COO Old Mutual East Africa.
The training was part of Old Mutual’s sustainability strategy that seeks to build financial resilience among communities.
“Through this training, we hope to inspire positive changes in the way financial matters are understood and handled across the country. Our goal is to advance financial literacy through media collaboration, system strengthening, as well as formal and non-formal education,” he said.