Kenyan Youth Share their Life Poa Experiences at Final Multi-Stakeholder Meeting

The theme for the final multi-stakeholder meeting held on October 23, 2014 in Nairobi, Kenya was “Promoting Youth Financial Capability to Unlock Sustainable Development in Kenya”. Over 130 participants of whom at least 30 were youth gathered together to discuss future opportunities for youth savings in Kenya. The meeting included three sessions. First, the YouthSave partners discussed successes, challenges and opportunities of the project in Kenya over the past four years. After this session, several youth participating in the programme took the stage to relate their experiences with saving and financial education. Finally, the third panel of representatives from the private sector, banking industry, and education sectors looked forward to the opportunities for youth savings in Kenya in the future. YouthSave Director, Rani Deshpande, Project Coordinator and Dr. Thomas Kibua, Deputy Governor Emeritus, Central Bank of Kenya moderated the sessions. Duncan Harvey, Save the Children Kenya Country Director, and Anne Karanja, Acting Managing Director of Kenya Postbank, gave the opening remarks at the meeting.

The youth panel was by far the most lively and compelling. Shanice and Moses shared how their parents supported them in working toward their savings goals. Shanice mentioned that she had no knowledge of how to save, but after going through the Life Poa financial education training, implemented by SC and local partners, she had managed to save Ksh. 5,000 and would like to assist poor people with her savings. Moses on the other hand saved Ksh. 200, bought two rabbits, and later sold them at Ksh 200 each to his uncle, making a profit of 100%. He then saved up to Ksh 1,500 and with his mother’s support he bought a Hampshire sheep, which he plans to sell at Christmas for Ksh.5,000 and save the money he makes. These youth demonstrated that building financial assets among low income youth is achievable.

Philistas had a contrasting experience. Her challenge, as she explained, was that originally she was afraid to tell her parents about saving and about attending the Life Poa training sessions. This is consistent with observations made by Melvin and Stephen, peer mentors from a local NGO partner Hatua Likoni. At the MSM, both talked about their experiences and challenges when conducting Life Poa trainings in their locality. They pointed out that one challenge that inhibited youth from taking up the youth savings account was the fact that parents were co-signees of the account. According to them, youth want to operate their account independently.

And, in fact, when asked what improvements they would like to make to the Postbank SMATA account, youth themselves explained that they were happy with the product, however they would be happier if they were allowed to operate the accounts on their own. Youth noted they worried their parents would ask them for the money they have saved, especially when they went to withdraw their savings in the company of their parents, as required by the account structure.

The youth panelists explained that the Life Poa programme was good indeed and Shanice and Robert did not hesitate to read out the list of the sessions that are part of the curriculum and explained the content of each. The youth explained that they attended the training because they wanted to save. Going through the dynamic and engaging sessions exposed them to knowledge, skills and fostered a change of attitude towards savings. Indeed, financial literacy, which is delivered in a fun and youth-friendly manner, seems important for youth. Melvin mentioned, for example, that the teachers in Likoni schools wondered how the youth were able to focus while attending the Life Poa sessions, yet they would not concentrate during class. A key point for the teachers from the youth that have worked as peer mentors was that it is important to put themselves in the shoes of the youth and come to their level of understanding!

As the discussions went on, it was evident that mothers parent played a key role in supporting and encouraging youth to save. The youth panelists mentioned that they have found it easier to discuss the issue of savings with their mother. They challenged the fathers to play a key role in supporting youth in saving, because oftentimes fathers earn more money. Parents need to set an example of savings within the family, so as to enable their children to acquire a savings habit and eventually become fiscally independent. Independence, to youth themselves, seemed to mean being self-reliant financially at the point in time when the parent will not be there. The panelists talked about Jifanikishe, the financial education training for adults that is also implemented by Save the Children and local partners, noting that it is a good session for the parents to attend and learn to save and to support youth in saving.

All youth panelists had started saving little by little, from as young as 8 years old like Robert, and they have never looked back. The confidence exuded by the youth during their panel was evident. Happiness shone through their youthful faces as they talked about their saving experiences. The panelists were enthusiastic to affirm that knowledge of, skills in, and a positive attitude towards savings can indeed help the low income youth achieve their dreams.