Women, Wealth, and the Retirement Question We Are Not Asking Enough 

For years, conversations around women’s empowerment have focused on representation, leadership, and access to opportunity. Across Kenya, we have seen encouraging progress; more women entering professional careers, leading organisations, and contributing meaningfully to economic growth. 

But there is another conversation that deserves equal urgency. Financial security in retirement. Across the world, and increasingly within Kenya, women face a structural paradox. They tend to live longer than men, yet many retire with significantly less savings. 

This is not simply about individual financial habits. It is about the realities that shape women’s financial journeys over time. Career interruptions for caregiving, income disparities across certain sectors, and the disproportionate role women play in supporting families can all influence how much wealth is accumulated over a lifetime. The result is that women may need their savings to last longer but often have less financial cushion to rely on.  

Recent data from Kenya’s retirement sector paints a revealing picture. Pension assets in the country have grown significantly, reaching KSh 2.23 trillion in 2024, reflecting increased participation and stronger investment performance in the retirement benefits industry. 

Yet the growth of the sector does not automatically translate to financial adequacy for individuals. A recent Retirement Benefits Authority survey revealed that only 41% of retirees felt their pension benefits were sufficient to sustain them in retirement.  

Even more telling is the level of retirement preparedness across the broader workforce. Estimates suggest that only about a quarter of salaried Kenyans actively save for retirement, leaving the majority financially exposed in later life. 

These numbers tell a powerful story. Retirement security in Kenya is not yet guaranteed, and for women, the risks can be even greater. This is why retirement planning for women cannot simply mirror traditional financial advice. It requires intentionality, awareness, and early planning. 

Too often, retirement planning sits quietly in the background of life. It is treated as something distant, a conversation to have later, once careers are stable or financial obligations begin to ease. But financial independence in later life rarely happens accidentally. It is built through deliberate decisions made consistently over time. 

For women, that journey often begins with a few critical questions. Do you have a retirement plan that is built around your personal goals, beyond what an employer scheme may provide? Have you realistically considered what financial security will require in retirement , particularly as life expectancy increases? Are the assets and savings you are building today protected against unexpected risks that could disrupt long-term plans? And are your savings positioned in a way that allows them to grow through disciplined investment over time? 

 Retirement planning is not just about accumulating money. It is about preserving independence. It is about ensuring that after decades of contributing to families, careers, and communities, women can step into the next chapter of life with stability, dignity, and freedom of choice. 

As we mark International Women’s Day and reflect on the theme #GiveToGain, it is worth recognising the countless ways women give to the world around them, through leadership, caregiving, mentorship, and community building. 

But there is one form of giving that deserves equal attention. Giving to your future. 

At Octagon Africa Financial Services, we believe financial security should never be left to chance. Through retirement planning, investment solutions, insurance brokerage, and trust services, our role is to help individuals and institutions build long-term financial confidence. 

Because true empowerment is not only about opportunity today. It is about security tomorrow.