Over 83% of Kenyan couples have a better saving culture due to being in a relationship, research finds

According to the study, being in a relationship positively impacts couples' financial positions.
Meanwhile, 96% of Kenyan couples who participated say they are interested in taking joint financial advisory and planning sessions together.

When it comes to talking finance, couples face a big question: Spend or Save, or do a combination of both?

Now, research has found that being in a relationship can positively impact your financial position.

The study by pension administrator Enwealth Financial Services in partnership with Strathmore University and the Institute of Human Resource Management (IHRM) found that over 83% of Kenyan couples had a better saving culture due to being in a relationship, Capital FM reported.

The study concluded that being in a relationship positively impacts couples' financial positions.

Commenting on the study, Enwealth Chief Executive Officer (CEO), Simon Wafubwa, explained that the findings come after the recent concern over the increasing rate of single parenthood in the country, which indicates a strain on finances for single parents.

According to him, 83% of those who do not save attribute it to recurring expenses and inadequate disposable income, while 84% of the working population regularly send money to their extended family for daily expenses.

Another exciting highlight from the study revealed that 96% of the couples who participated in the survey said they would be interested in taking joint financial advisory and planning sessions together.

It further noted that the most common saving channels are Savings and Credit Co-operative Societies (SACCOs) and pension schemes to get big-ticket purchases such as cars and other big projects.

According to Wafubwa, Enwealth shall be rolling out innovative technology-driven financial products based on individual behavioural attributes and age-based financial priorities.

In addition, Strathmore University Lecturer Naomi Mwangi urged education institutions to introduce mandatory financial management courses in the curriculum.

According to her, relationship counsellors should prioritise financial management during marriage counselling sessions.

“This is the only way to realise financial literacy among the population as soon as they get their first paycheck,” said Mwangi.

Mwangi also stressed the need to teach Kenyan youths about detrimental behaviours such as quick loans, budgeting and more to avoid challenges in actualising the saving behaviour.