Despite the adoption of compulsory free primary education, the education sector in Kenya continues to face major challenges. Aside from inadequate infrastructure and congestion-related challenges that often characterize the public school experience in Kenya, education is further exposed to such socioeconomic factors as the HIV/AIDS pandemic, poverty and a cultural bias against the education of girls.
In response to these gaps, CEDI has designed My Money, a robust financial capability program, to equip children with the knowledge and skills they need to be able to make sound financial decisions in their everyday lives. My Money is an innovative financial education program that has been developed in response to the growing need to prepare children for their financial future. The program has so far recorded a positive impact, with target children admitting they now better understood important aspects regarding money management, including: How to make and adhere to basic personal budgets; How to track personal spending using simple records; The effects of advertising on spending; Currency value; Functions and uses of money; and The relationship between savings and personal financial goals. These skills are meant to prepare them to meet the various financial challenges they’re bound to encounter as they transit into adulthood.
CEDI is currently implementing the project in four primary schools in Migori and Kisumu Counties of Western Kenya.