Single people more likely to make bad financial decisions – study
Single people are more likely to be in financial problems than persons in a relationship, a study by Enwealth financial service, a pension administrator has shown.
The study shows couples are in a better financial position compared to single people.
Some 83 per cent of couples say being in a relationship has had a positive impact on their financial position than when they were single.
The study, which was conducted in partnership with Strathmore University and the Institute of Human Resource Management, indicates that 96 per cent of couples are interested in making joint financial decisions.
While 60 per cent of Kenyans have sufficient knowledge to make decisions on investments, only 12 per cent have a saving culture.
Enwealth CEO Simon Wafubwa (pictured) says Kenyans only saved six to 15 per cent of their monthly income with a huge percentage of the income going to expenses.
“84 per cent of the working population have the black tax burden where they send money to their extended families for daily upkeep and medical expenses,” he says.