Govt to Introduce Financial Education in Primary & Secondary Schools
Govt to Introduce Financial Education in Primary & Secondary Schools
Govt to Introduce Financial Education in Primary & Secondary Schools
Financial studies will soon be taught to primary and secondary school students as part of the government’s initiative to strengthen the nation’s saving culture.The government is working to improve adherence to the National Social Security Fund (NSSF) Act, as stated in the Treasury-prepared National Retirement Benefits Policy.
It was made clear that the concept was predicated on the inadequate retirement benefit coverage that exists today.The Kenya Institute of Curriculum Development (KICD) would be in charge of carrying out the new proposal and implementing the modifications to the current curriculum.
The strategy calls for finalizing the new curriculum by December 2025.”Performance indicators include enhanced education curriculum to include financial education in basic education and implement financial literacy programs for targeted groups,” according to a portion of the policy.
Reasons for the Policy
The Treasury reports that a large number of Kenyans experience hardship after leaving their positions in the public and private sectors.This is a result of the low number of people who save for retirement. However, the bulk of Kenyans who receive retirement benefits are those who work in the official sector; those in the informal sector make up the vast majority.
BETA, the government’s long-term socioeconomic development plan, mandates that the nation give its people a good standard of living. With only 25% of Kenyans covered for retirement benefits, the bulk of people still lack access to these benefits.
“In this regard, there is a need for a comprehensive policy to address the various issues and challenges faced in the retirement benefits sector to achieve these aspirations.” Go through the policy manual.
In addition, the majority of Kenyans retire to take care of their basic housing and healthcare needs. This is also a result of the fact that the majority of retirement plans do not include housing and health insurance after retirement.
As a result, the government is also developing a plan to encourage Kenyans to save money for their retirement residences and post-retirement health insurance.
