According to a recent research by the Financial Sector Deepening (FSD), over half of Kenyans hide their money in covert areas including under mattresses.
For reasons of protection, security, and secrecy, 49.1% of Kenyans keep their money in secret locations, according to FSD.
According to the study, 9% of savers prefer concealed locations because they are simpler to get to in an emergency situation such a medical emergency.
According to Kenyans polled for the research, hiding money is more practical than using it to save in banks or Saccos for example.
FSD also disclosed that some Kenyans used secret locations because they had no other choice, highlighting the difficulties some areas of the nation had in getting access to banks.
According to FSD, poll respondents from Kenya believed it was improbable that money would go missing; showing that some clients had lost faith in governmental organizations like Saccos and banks.
Bank accounts, chama/groups, Saccos, mobile money, mobile banking and Micro Finance Institutions (MFIs) are other choices for saving besides covert hiding locations.
Since mobile wallets have become more and more widespread, mobile money and banking have steadily increased over time.
According to the research, more Kenyans are saving money than they were borrowing it.
The main reasons people save money are for unexpected costs, regular bills, retirement and education.
Insufficient funds, the need for steady income, a lack of knowledge and a lack of enthusiasm are among factors that make it difficult to save; according to the poll.
“It’s worth noting that a key barrier to saving is a lack of income, which may explain why the youth below 25 years old have high levels of financial literacy but low levels of formal savings,” stated one section of the research.
Read more:
https://www.kenyans.co.ke/news/91048-reasons-why-kenyans-prefer-using-secret-hiding-places-savings
by: MsLK