Research from Financial Sector Deepening Kenya (FSD Kenya) claims that Nyeri County has the greatest percentage of people saving their money.
Despite having low levels of financial literacy (49.9%), Nyeri inhabitants had a saving rate of 83.7% during the first two quarters of the year; according to the survey.
Murang’a County; where people actively saved at a rate of 81.5% came in second place to Nyeri. The county; which was headed by Governor Irungu Kang’ata, had a poor level of financial literacy (30.6%).
Trans Nzoia (79.8%), Nyamira (78.1%), and Kajiado (78%) were among the top five counties with the people saving their money the greatest saving culture.
“Some important demographics and financial literacy appear to be positively correlated. For instance, people with a college education and those in the working class (aged 26 to 45) had higher formal savings and better financial awareness, according to the survey.
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For other demographics, such as the county level, this tendency is not present. Bomet, while 70% of residents have the greatest levels of financial literacy, has the lowest formal savings percentage in the country at only 62.5%.
The research also noted that while Nyeri and Murang’a have the highest formal savings rates in the nation, at 83.7% and 81.5%, respectively, their financial literacy rates, at 49.9% and 30.6 percent, are not as high.
According to the survey, Kisii County had the highest saving rate (77.3%), followed by Kirinyaga (77.2%), Embu (76.3%), and Kiambu (74.8%). Nairobi and Siaya counties, with respective savings rates of 74% and 72.7%, finished in the top ten.