Octagon Africa To Train High School Students On Financial Literacy
Over 1,500 high school students in the East and Southern African region will receive financial literacy training aimed at instilling a healthy savings culture in them.
Octagon Africa aims to educate students on money management, budgeting, and saving through the first virtual financial literacy training, Starting Now for a Better Future.
“Currently the pension coverage in the country is still low at about 22 percent of the total labour force which is heavily attributed to a poor savings culture,” said Octagon Africa Group CEO Fred Waswa.
He stated that in order to avoid these alarming statistics, healthy saving habits must be instilled in children at a young age.
According to an EFG Hermes analysis, Africa’s saving rate is 17% on average, with Kenya’s saving rate at 12%, which is half of the low-income country average.
“Our vision as Octagon Africa is to guarantee financial security and we believe that the key to this security lies in saving cultivated from a young age,” he added.
Waswa stated that they are confident that these financial literacy training will increase the region’s savings rate.
He stated that the free financial literacy training for high school students was part of Octagon’s social responsibility to increase pension uptake in the region among youth, employed, and informal groups.
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The free financial literacy training for high school students is part of Octagon’s social responsibility to increase pension uptake in the region among youth, employed, and informal groups.
Octagon has expanded its operations to Kampala, Uganda, and Lusaka, Zambia, in accordance with its Pan-African vision. Octagon Africa has grown its fund portfolio over the last 14 years to more than 200 corporate clients by the end of 2020.