Elevating Financial Literacy in Kenya
In Kenya, the pursuit of financial literacy has become pivotal as both the government and various organizations aim to integrate more citizens into the formal financial sector, directly enhancing living standards. Over the last decade, Kenya has made considerable progress toward gender inclusivity. However, a significant disparity remains in financial knowledge and access between genders. Despite Kenya’s population nearing 50 million, only 38% are financially literate, with women significantly trailing men in accessing formal financial services—34% versus 50%.
Women’s Critical Role in Kenya’s Economic Future
Women, who constitute just over half of Kenya’s population, are essential to achieving financial literacy and inclusivity goals. Empowering women through financial education not only enables them to participate more effectively in financial decision-making but also significantly boosts household welfare. Yet, findings from the 2021 Financial Access (FinAccess) survey reveal a stark reality: over 70% of women in Kenya are excluded from financial decision-making within their families due to a lack of financial literacy.
Overcoming Cultural Barriers to Empower Women
The entrenched societal norms and cultural perceptions that women are risk-averse or unwilling to invest due to lack of financial knowledge and resources continue to impede their financial autonomy. In many African contexts, societal views that deem women as property from birth persist, shaping their roles towards short-term household financial management rather than long-term wealth creation. These cultural narratives contribute to the educational and financial disparities that restrict women’s economic empowerment. Addressing these challenges and changing perceptions is critical for advancing women’s roles in Kenya’s economic development. The path forward involves a collaborative effort among governments, NGOs, and communities to ensure that financial education reaches all, particularly women, to foster a more inclusive and prosperous society.