Over 83% of Kenyan couples have better savings culture because of their relationship, study finds
Now, research has shown that being in a relationship can have a positive impact on your financial situation.
The study by pension administrator Enwealth Financial Services in partnership with Strathmore University and the Institute of Human Resource Management (IHRM) found that over 83% of Kenyan couples had a better savings culture in because of their relationship, Capital FM reported.
The study concluded that being in a relationship has a positive impact on the financial situation of couples.
Commenting on the study, Enwealth CEO Simon Wafubwa explained that the findings come after recent concern over the rising rate of single parenthood in the country, which indicates pressure on the finances of single parents.
According to him, 83% of those who do not save attribute it to recurring expenses and insufficient disposable income, while 84% of the working population regularly send money to their extended family for daily expenses.
Another highlight of the study revealed that 96% of couples who took part in the survey said they would be interested in participating in joint counseling and financial planning sessions together.
He further noted that the most common savings channels are savings and credit cooperative societies (SACCOs) and pension schemes to secure major purchases such as cars and other big projects.
According to Wafubwa, Enwealth will roll out innovative technology-driven financial products based on individual behavioral attributes and age-based financial priorities.
In addition, Naomi Mwangi, a lecturer at Strathmore University, urged educational institutions to introduce compulsory financial management courses into the curriculum.
According to her, couples counselors should prioritize financial management during marriage counseling sessions.
“This is the only way to achieve financial literacy for the people as soon as they get their first salary,” Mwangi said.
Mwangi also highlighted the need to teach Kenyan youth about detrimental behaviors such as quick loans, budgeting and more to avoid difficulties in actualizing savings behavior.