Concern, as only 26 per cent of people in Nakuru are saving for their retirement
Out of every 10 people in Nakuru, only three are saving for their retirement.
Nakuru County is lagging behind when it comes to saving for retirement. This is according to the Retirement Benefits Authority (RBA), which says that only 26 per cent of the population has joined the pension scheme.
This is below the national average of around 30 per cent.
The reason for the low pension uptake in the country has been attributed to lack of awareness of the savings schemes, fear of losing money, high unemployment and tough economic times.
John Wanyoike, a boda boda rider who spoke to Mtaa Wangu, noted that saving for retirement is not a priority for him because he has so many things to worry about.
According to Mr Wanyoike, saving is not a problem for him, but his problem is saving for retirement.
"I can save for up to five years if I have plans for my business, but not for something that will take forever. If my business thrives, it will take care of my future," he said.
Jared Nyangau, a security guard, noted that he has no idea how the process of saving for retirement works.
Mr Nyangau said he had never thought of saving for retirement, noting that his salary was too low to save for the plan.
According to him, no one has ever convinced him that saving for retirement is better than saving for an investment.
"I would rather take a loan and buy a shamba than put my money somewhere and wait to retire," said Mr Nyangau.
Christin Onyango, the RBA's deputy director, said the county had one of the worst savings cultures in the country, a trend she said was worrying.
She noted that out of every 10 people in Nakuru, only three are members of the pension scheme.
This is simply because the majority are unaware of savings plans and therefore unable to join the schemes available, while others see no need to save given the tough economic times.
"Looking at the county and national averages, there is no doubt that participation is still too low compared to the country's labour force. The authority is therefore keen to bring the untapped population on board and address the challenges that have led to the status quo," said Ms Onyango.
She also urged residents to consider setting aside part of their income to save for their future, noting that this will help them enjoy a modest retirement.
"Even though there is a problem of unemployment in Nakuru, we encourage those in small businesses to join the already approved pension schemes and plan on how to save for their future," she said.
"Those who are in business are in the best position to plan how they will contribute over time. Economic times may be tough, but it is good to consider that things may get worse in the future and therefore the need to try and save now".