The traditional low saving culture among Kenyans could be headed for the dead.

The revelation follows a new trend by banks and insurance firms in promoting saving culture at earlier stages of life. Jubilee Insurance and Barclays Bank have announced initiatives targeting children and college going students in nurturing a saving culture.

Also Read: Barclays Steps up Junior Saving

Jubilee Insurance launched a product addressing unique insurance needs of the youth. The product dubbed ‘Baada ya Campo’ is targeted at university and college students to save up for post university life.

"We are creating an early saving culture among students at the university level, this would create money to help them start new life after university," said Aggrey Mulumbi, Deputy Head Life Insurance at Jubilee.

The policy is designed to mature after their graduation so that they can use the money, while searching for jobs or use the seed capital to start a business. Catherine Ndioo, Jubilee communication officer said the insurer is targeting 20 per cent of students enrolled in universities.

Speaking during this year’s Barclays Laugh Industry Kids Festival, the bank’s Head of Distribution Godwin Onungah confirmed that the bank will be employing education and entertainment (edutainment) platforms to reach out to more than 50,000 young savers.

"We have strategically moved to revamp our junior product to make it attractive to junior savers as we seek to instill the much needed savings attitude and behaviour," he said.

Courtesy (The Standard)