Govt To Introduce New Subject In All Schools. As part of their curriculum studies, all students in primary and secondary schools will begin studying a new subject called Financial Students.
The government claims that the goal of this new learning area is to enhance the nation’s saving culture for all of its residents.
According to the information contained in the Treasury-prepared National Retirement Benefits Policy, the nation aims to improve adherence to the National Social Security Fund Act (NSSF)
The document emphasizes how a lack of understanding of funding management is the reason for the low coverage of retirement benefits at the moment.
The Kenya Institute of Curriculum Development (KICD) would assume responsibility for implementing the proposal by enforcing the adjustments to existing curriculum.
As per the guidelines, the new curriculum or subject should be finalized by December 2025 and implemented in schools.
Evidence of improved education curricula that incorporate financial education into basic education will be one of the performance measures in this new subject.
Govt To Introduce New Subject In All Schools
It will also focus on putting targeted populations’ financial literacy programs into action..
Why the new Policy has been proposed
Details from the Treasury, indicate that many Kenyans struggle once they retire from government and private sector jobs Since it is only very few people save towards their retirement.
It was also noted that Kenyans who uptake the retirement benefits are those who are employed in the formal sector with the majority in the informal sector left out.
To fulfill these ambitions, a comprehensive policy that will assist in resolving the numerous problems and difficulties with retirement benefits is therefore required.
Furthermore, because retirement plans do not provide benefits for post-retirement medical coverage and housing, many Kenyans retire early to satisfy their fundamental demands for housing and healthcare.
Because of this, the government is also developing a structure to encourage Kenyans to save money for retirement home health insurance.