North Rift Workers Urged to Strengthen Financial Resilience Through Saving and Early Retirement Planning
Participants follow proceedings during Octagon Africa’s financial wellness and retirement preparedness forum in Eldoret, which brought together employees, employers, HR professionals and business leaders to discuss pensions, insurance and investment opportunities.
By James Gitaka
Workers and employers in the North Rift have been urged to embrace disciplined saving, prudent investment and early retirement planning as rising living costs and economic uncertainty continue to put pressure on household finances.
The call was made during a financial wellness and retirement preparedness forum organised by Octagon Africa in Eldoret, which brought together employees, employers, human resource professionals and business leaders to discuss emerging trends in pensions, insurance and investments.
Held under the theme “Empowering the Workforce: Navigating Evolving Trends in Pensions, Insurance, and Investments,” the forum formed part of Octagon Africa’s regional programme aimed at improving financial literacy and helping workers make informed decisions about their long-term financial security.
Octagon Africa Group Chief Executive Officer Fred Waswa said financial wellbeing should not be measured solely by a person’s ability to earn an income and meet immediate needs, but also by their capacity to withstand unexpected financial shocks and prepare for the future.
“Financial inclusion is only the beginning. True financial wellbeing is measured by an individual’s ability to withstand economic shocks, achieve important life goals and retire with dignity,” Waswa said.
He noted that changing economic realities were making it increasingly difficult for workers to postpone retirement planning, particularly amid rising healthcare costs, inflation and longer life expectancy.
“Today’s workforce faces a range of risks that extend beyond the workplace. Inflation, healthcare expenses, longer life expectancy and economic uncertainty mean that retirement planning can no longer be postponed,” he added.
Pension industry records continued growth
The forum comes against the backdrop of continued growth in Kenya’s retirement benefits industry.
According to the Retirement Benefits Authority (RBA) 2025 Statistical Digest, pension assets increased by 26.84 per cent, rising from KSh2.23 trillion in 2024 to KSh2.83 trillion in 2025.
Contributions to retirement schemes also increased by 17.37 per cent to KSh309.3 billion, while investment income generated by pension schemes rose from KSh222.2 billion in 2024 to KSh274.8 billion in 2025.
However, despite the growth in pension assets, the number of workers actively covered by retirement schemes remains relatively low compared with Kenya’s working-age population.
Membership in retirement benefits schemes grew by 4.7 per cent to 7.71 million in 2025, representing about 26.58 per cent of an estimated working-age population of 29 million. Active membership stood at 4.02 million.
Occupational pension schemes continued to account for the largest share of retirement assets, holding KSh1.79 trillion, equivalent to 63.4 per cent of the total. Individual retirement schemes held KSh176 billion, while umbrella schemes accounted for KSh253.2 billion.
Start early, experts advise
Participants at the Eldoret forum were encouraged to view retirement planning as a long-term journey rather than a decision to be made shortly before leaving employment.
They were advised to develop a consistent saving culture, establish emergency funds, manage debt responsibly and take advantage of available occupational and individual retirement schemes.
Early saving, participants heard, gives workers a longer period to accumulate funds and benefit from investment growth while allowing them to gradually adjust their contributions as their income, family responsibilities and financial circumstances change.
The discussions also highlighted the importance of understanding risk, returns and diversification when making investment decisions, particularly as pension funds continue to grow and provide an important source of long-term capital.
Beyond individual responsibility, the forum underscored the role of employers in promoting financial security among their workforce through appropriate retirement and insurance benefits, as well as financial education programmes in the workplace.
Waswa said strengthening financial literacy should be treated as an important component of workforce development, noting that employees who are better equipped to manage their finances are also better positioned to plan for the future.
The Eldoret engagement is part of Octagon Africa’s wider regional outreach programme, which seeks to create dialogue with workers, employers and institutions while providing practical information on developments in pensions, insurance and investments.
The company said the engagements are intended to contribute to stronger financial literacy, improved retirement preparedness and more financially resilient workforces across Kenya.
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