{
  "id": 14012550,
  "title": "Seven in 10 Kenyans not saving enough for retirement, study warns: SanlamAllianz Kenya Report",
  "url": "https://urgent.news/2026/10/12/seven-in-10-kenyans-not-saving-enough-for-retirement-study-warns",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-12T17:37:01.000Z",
  "source": {
    "name": "Capital Business",
    "slug": "capital-business",
    "url": "https://capitalfm.africa/seven-in-10-kenyans-not-saving-enough-for-retirement-study-warns/"
  },
  "original_language": "en",
  "account": "Nairobi, Kenya – A recent SanlamAllianz Kenya study reveals that 70% of Kenyans lack sufficient savings for a comfortable retirement, as family expenses, low incomes, and debt repayments hinder their ability to save. The study identified family expenses as the primary obstacle for 44% of respondents, followed by low or irregular income at 37%. Additionally, 62% stated that supporting dependants reduced their savings capacity. SanlamAllianz Kenya CEO Jacqueline Karasha emphasized the need for accessible financial services to ensure long-term financial security, stating that retirement should offer dignity, independence, and choice.\n\nThe survey also found that 53% of individuals who left their jobs or businesses with retirement savings withdrew at least a portion of the money, with 26% taking the entire amount. A majority, 53%, later regretted this decision. Karasha stressed that merely being aware of the importance of saving is not enough; the industry must facilitate easier investment retention, offer guidance during crucial decisions, and create solutions tailored to people's circumstances.\n\nOnly 29% of respondents knew the monthly income they would require in retirement, and 53% lacked a savings plan for medical expenses post-retirement. Furthermore, 45% had experienced financial losses or personal information theft through digital scams. According to SanlamAllianz Investments Managing Director Jonathan Stichbury, retirement planning should prioritize income needs over saving amounts, as retirement security hinges on whether those savings provide a reliable income throughout retirement.\n\nSanlamAllianz Kenya Group CEO Dr. Nyamemba Patrick Tumbo highlighted Kenya's opportunity to enhance retirement preparedness while its population remains relatively young. The SanlamAllianz Kenya Retirement Benchmark aims to measure progress, spark dialogue, and support decisions to improve retirement outcomes for future generations. The study, based on an online survey of 300 participants—including working adults aged 20 to 64 and retirees—will be conducted annually to monitor changes in retirement preparedness.",
  "summary": "NAIROBI, Kenya, Oct 12 – Seven in 10 Kenyans are not saving enough to enjoy a comfortable retirement, with family expenses, low incomes and debt repayments making it difficult to…",
  "key_points": [
    "70% of Kenyans lack sufficient retirement savings",
    "Family expenses, low income, and dependents hinder savings",
    "53% regret withdrawing retirement funds, 53% lack post-retirement medical savings plan"
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}