Thread by @SokoAnalyst

Saving For Retirement And The Focus On @NSSF_ke bit.ly/3g4DC9e #LeavingNoOneBehind

@NSSF_ke Did you know? The Gross Savings Rate in Kenya stands at a meager 5.4% according to the Kenya National Bureau of Statistics which only serves to explain the poor savings culture we have in our country.

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@NSSF_ke Nigeria and South Africa have savings rates of 20.6% and 14.6% respectively. According to the 2019 FinAccess Household Survey, the top reasons why Kenyans are poor savers are lack of a regular income and low levels of income.

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@NSSF_ke While these reasons are in actuality good reasons, we as a nation ought to create and sustain a savings culture despite our level of income. #LeavingNoOneBehind bit.ly/3g4DC9e

@NSSF_ke It is important to know that there is no absolute way of saving for future needs- everything is relative as everyone has different incomes, different hobbies, and different obligations such as family, loans, and other commitments.

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@NSSF_ke However, ratios such as the 50-20-30 rule act as well as financial planning guidelines. This rule proposes that despite your income level, 50% of your income should go towards necessities, 30% towards discretionary items and one should save 20%.

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@NSSF_ke One common reason why people save is for retirement or old age. Retirement savings not only ensure that you live comfortably in retirement but also help you avoid being a burden to your relatives in old age.
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