Saving is often seen as a simple act – that of putting aside a few shillings for tomorrow. Yet behind that simple act lies something far greater: the power to build security, freedom and progress.
As we join the rest of the world in marking World Savings Day 2025, this year’s theme ‘This is not a Savings Account’ invites Kenyans to look beyond the act of opening a savings account and see savings as a life strategy towards building a stable future, gaining financial independence, and creating opportunities for prosperity.
Saving provides security in times of crisis for many Kenyan households. Whether it is an illness, job loss or an unexpected emergency, savings provide a vital safety net.
Emergencies often lead to financial distress if there are no emergency funds. They force individuals to fundraise or sell properties at throw away prices to save the situation.
Nothing captures this situation more vividly than the numerous stories of our gold-laden athletes and footballers who fall from ”grace to grass” due to a lack of savings.
Neither are ordinary Kenyans spared from the ravaging consequences of not saving. Take the case of Njeri, a street vendor and a Postbank customer who early in life experienced a medical emergency. She had to sell all her wares at a loss, while her children dropped out of school. She regrets not saving.
Even small, regular savings can make a huge difference. It is not the amount that counts; it is the consistency. A few shillings a day can save you from a major financial storm.
However, according to the 2024 FinAccess Household Survey Report, the rate of households actively saving dropped to 68.1 percent from 74 percent in 2021, signifying decreased financial security among households.
Further, only 18.3 percent of Kenyans are considered financially ‘healthy’, according to the same survey, meaning more than 80 percent of Kenyans still lack a robust shield against life’s uncertainties.
We, therefore, must position savings as our first line of defence in times of financial emergencies as opposed to relying on credit.
Many times, the dependence on credit has exposed many Kenyans to a vicious debt cycle, with many borrowing a loan to finance another loan. Worse still, many borrow to meet day to day expenses.
This debt cycle has pushed many Kenyans to a level of inability to finance their loans. This debt crisis scenario is well captured in the 2024 FinAccess Household Survey report, which reveals that more than 50 percent of borrowers face challenges repaying their loans.
Beyond emergency preparedness and protection, saving also offers something less visible but equally powerful-independence. When individuals save, they gain control over their finances and future. They no longer live hand to mouth or depend entirely on borrowing to survive.
Take the story of Elizabeth, a food vendor in Nairobi. Through daily savings of Sh200, she was able to grow her vegetable business and send her five children to secondary school.
Her story reflects a larger truth: saving is not a privilege of the wealthy-it’s a path to empowerment for everyone. It builds dignity, discipline, and the confidence to plan ahead.
As such, saving is not an end in itself – it’s a foundation for what comes next. It is a seed for opportunity. It paves the way for investment in a house, the pursue of a higher education, or the start of a business. It helps individuals plan their future and gives families the confidence to dream beyond today.
The evidence of the foundation gained from savings is plenty among Postbank customers.
As we join the rest of the world in marking the World Savings Day, let us reflect and remember one message: saving is not about money sitting in an account. It is about security for today, freedom for tomorrow, and progress for generations to come.
When you save a bit, big things follow. Saving does not just change lives, it transforms economies. When the citizens of a country save, the financial institutions will have more funds available for lending and investment. These, in turn, create jobs and power national development.
Economists often refer to savings as the “engine oil” of an economy. Without savings, the economic growth of a country stalls.
This is why Kenya’s Vision 2030 emphasises expanding access to financial services across all regions in Kenya, while deepening the culture of savings.