Knowing how to make money doesn’t mean you know how to save it.
And the evidence clearly shows:
In fact, for the people making over Kshs 100,000 in the country, a staggering 40% them have barely anything saved by the time they retire.
So what exactly is going on? What would account for such lacking accounts?
There are three detrimental reasons as follows:
A Spending Culture
Societal expectations are powerful things. In fact, it is expected as you earn more, your lifestyle should swell accordingly.
In today’s world, If you can’t Instagram or Facebook or Snapchat your material progress, it might as well not exist. Because of this, many people spend close to what they earn — meaning there’s nothing leftover to save.
There’s A Ton Of Shame Around Money
Many people are still very shamed by talking about money, and feel uncomfortable, even within intimate relationships.
In fact, you’d be surprised by how little couples know, even right before entering into marriage — they don’t even know how much the other makes as their monthly salary just a couple months before their wedding date!
The Crippling State of Loans In The Society
Starting from student loans all the way to regular loans, there is a massive debt issue in the society.
As a matter of fact, millions of Kenyans are taking loans every day, putting themselves in difficult financial situations. It’s no wonder that a majority of individuals find themselves struggling to pay off loans until the final years of their lives!!