Prosper PATH presents The Inaugural Financial Literacy Awareness Campaign 2024 [Video]

Prosper PATH presents The Inaugural Financial Literacy Awareness Campaign 2024
https://www.prosperpath.africa/

The issue of credit and the glaring lack of financial literacy in Kenya is one that demands immediate attention. Consider this scenario: a concerned parent, already well-versed in financial matters, receives a distressing call from their daughter, who has just turned 18. What follows is alarming. The daughter receives a birthday message, swiftly followed by another text offering access to overdraft services and mobile loans.

In a separate conversation with over 600 young adults, only a handful, less than 10, were familiar with the concept of a Sacco, a vital financial institution in Kenya. Even more concerning, when one of them attempted to define it, they labeled it as a pyramid scheme—a shocking misconception.

Statistics paint a grim picture: over 60% of Kenyan adults lack basic financial education, and more than 70% have no pension savings. Recent research places Kenya among the bottom three countries globally in terms of pensioner welfare. This lack of knowledge isn’t just a personal deficit; it’s a generational curse. Parents who weren’t taught financial literacy pass on their ignorance to their children, perpetuating the cycle of financial illiteracy.

The consequences are dire. We’re witnessing a whole generation being left behind, indoctrinated into a culture of credit without understanding its ramifications. Even individuals like “Dolly,” who possess financial expertise, find their children falling prey to predatory financial practices. If we continue to sideline discussions on financial literacy, whom are we truly aiding?

It’s imperative to address this issue urgently. We cannot afford to lose another generation to financial ignorance. We must equip both adults and young adults with the knowledge and tools they need to make informed financial decisions. Otherwise, we’re condemning countless individuals to a lifetime of financial insecurity and debt. #ProsperPATH #FinancialLiteracyMonth #CiS #cta101

To partner with Prosper PATH visit https://www.prosperpath.africa/