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Money is an essential part of our lives, and for many, the pursuit of financial security is a constant preoccupation. In Kenya, where there is a prevalent “Money culture,” having multiple sources of income is highly valued, and many dreams of increasing their revenue.
With more young people taking on entrepreneurial roles and leveraging the internet and social media to run efficient and convenient businesses, today’s youth are becoming increasingly financially empowered.
But with this financial empowerment comes the responsibility of effectively managing and investing money to secure a brighter financial future.
That’s why the recently concluded 11th edition of the Global Money Week, launched by the Child and Youth Finance International Secretariat, focused on promoting financial literacy among young people under the theme of “Plan your money, Plant your future.”
Saving 20% of one’s income is generally considered an ideal goal, but it can be a challenging target for many. According to an analysis by EFG Hermes, Kenya’s savings rate is notably below the African average of 17%, as indicated by various studies.
On the other hand, Uganda and Tanzania have already surpassed the 20% threshold, pointing to a more advanced savings culture.
However, with the right approach, self-discipline, and access to the right savings platforms, the savings culture can be enhanced.
The Equity Mobile App is a fast and convenient tool for saving money, providing users with attractive savings options through the Classic Savings Account and Fixed Deposit Savings Account. Users can schedule regular payments into their savings accounts, ensuring they never miss a deposit.
Moreover, to foster a savings culture among peers, consider creating a savings calendar where individuals can save on a daily, weekly, bi-weekly, or monthly basis.
The trend of today’s youth becoming business-oriented and leveraging diverse channels, including online platforms and physical businesses spanning various sectors such as agriculture, to make a living is a positive development.
However, financial literacy and planning are critical for the success of any business. Regular training on money management, budgeting, debt management, and business strategy is essential to ensure sustained business growth.
Recognizing the critical role of financial literacy in business success, Equity Group Foundation offers training programs for young entrepreneurs to ensure the sustainability and growth of their ventures.
In addition, Equity Bank provides business loans to young men and women across its entire branch network in the East and Central Africa region, facilitating the scaling up of its operations.
Whether you are a young entrepreneur seeking to expand your business or an individual seeking to make more informed financial decisions for your future, Equity is committed to supporting you in achieving your goals.
With the right approach, self-discipline, and access to the right savings and training platforms, today’s youth can be well-equipped to manage their finances effectively and secure a brighter financial future.
