What is preventing Kenyans from saving for retirement? According to a survey
A survey by SanlamAllianz reveals that high living costs, income instability, and debt are the primary barriers preventing Kenyans from saving for retirement. The report highlights that many citizens prioritize immediate financial survival and commercial investments over long-term pension planning.
Why it matters
Understanding these barriers is crucial for policymakers and financial institutions to design more inclusive retirement products and address systemic economic pressures in emerging markets.
A recent survey has highlighted the primary financial hurdles preventing Kenyans from saving for retirement .
High domestic living costs emerge as the leading barrier, with 44 per cent of respondents identifying household and family expenses as their main obstacle .
Low or irregular income ranks as the second biggest impediment, affecting 37 per cent of individuals .
Debt servicing further strains household budgets, with 24 per cent citing debt payments as a key reason for hindering their retirement savings .
Meanwhile, alternative financial commitments—such as investments in business, property, land, or farming—divert potential pension savings for 19 per cent of people .
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