Young Kenyans Seek Financial Literacy to Navigate Economic Challenges

In a country where financial education has been treated like an afterthought, the majority of young Kenyans are desperate to learn about personal finance to better deal with an increasingly dynamic economic landscape.

With higher living costs, high rates of unemployment, and easy access to credit through mobile loan apps, most young people are realizing the importance of taking care of their finances. From online finance tutorials to social media influencers offering budgeting tips, personal finance education is now a priority.

Several reasons are compelling young Kenyans toward financial literacy. The availability of quick mobile loans has introduced a cycle of debt in young individuals who borrow for their daily living expenses without a healthy understanding the ramifications of high interest and delayed payment.

The other key driver is the growth of the gig economy. Most young Kenyans are turning to freelancing and entrepreneurship over traditional jobs.

Unlike previous generations, the current youth can access unlimited amounts of money information on the internet. Online platforms and apps for personal finance literacy are also gaining traction. Money254 and Pesapal provide virtual platforms of financial literacy, allowing Kenyan youth to track spending, set financial goals, and get acquainted with investments like SACCOs and the stock market.

Despite greater interest in financial literacy, formal education is still lacking. Most Kenyan schools' curricula do not include personal finance, and young adults must learn it independently. However, some universities and organizations have introduced financial literacy courses into their training, equipping students and employees with the skills they need to manage money.

With economic hardships still on the increase, the demand for young Kenyans to gain knowledge on personal finance will be increasing as well.