Society of Grownups, a financial advice firm in the US, has conducted a survey that answers how grownups are planning financially for their goals today.
The great revelation from the survey was that a good number of grownups (representing 35% of those polled) still depend on their parents for upkeep beyond college.
While the survey was targeted at Americans, the results seem to reflect on the financial trends witnessed among young growups in developed and developing nations across the world.
According to the research which was conducted in partnership with Wakefield Research, most of grownups are seen to be going back to school, getting married, planning to pay off student debt, and they eventually want to buy houses and consider having kids. And those are in addition to other big goals, like taking a trip, pursuing freelance work, and purchasing a car.
In Kenya, like the world over, most parents especially those who are financially stable are seen to play a major role in the lives of their children beyond basic education. Paying for higher education and even expensive weddings for their children is not uncommon.
The research explains this trend as a necessary evil that is a as result of the Great Recession. Even grownups with families are also dipping into the pockets of their parents which means that the arrangement can last for decades. Companies such as Society of Grownups, based on the research are willing to provide education and tools to help individuals become independent.
The good news is that this group is willing to pay it forward, to the benefit of younger generations.
In case you are wondering about the classification of generations, the following table is precise-:
born (range, loosely)
characterizing features typically described (loosely)
The Lost Generation
The term reflects the unthinkable loss of human life in the First World War- approaching 16 million killed and over 20 million wounded. This happened in just four and five years (1914-1918). We cannot imagine this today.
The Interbellum Generation
Interbellum means ‘between wars’, referring to the fact that these people were too young to fight in the First World War and too old to fight in the Second.
The Greatest Generation (The Veterans)
These people are revered for having grown up during the Great Depression and then fought or stood alongside those who fought in the Second World War (1939-45). As for other generations of the early 1900s, life was truly hard compared to later times.
The Silent Generation
Characterized as fatalistic, accepting, having modest career and family aspirations, focused on security and safety. These people experienced the 1930s Great Depression and/or the 2nd World War in early life, and post-war austerity in young adulthood. They parented and provided a foundation for the easier lives of the Baby Boomers.
Equality, freedom, civil rights, environmental concern, peace, optimism, challenge to authority, protest. Baby Boomers mostly lived safe from war and serious hardship; grew up mostly in families, and enjoyed economic prosperity more often than not. Teenage/young adulthood years 1960-1980 – fashion and music: fun, happy, cheery, sexy, colourful, lively.
Acquisitive, ambitious, achievement-oriented, cynical, materialistic (a reference to the expression ‘keeping up with the Joneses’). Generation Jones is predominantly a US concept, overlapping and representing a sub-group within the Baby Boomer and Gen-X generations.
Generation X (Gen-X)
Apathy, anarchy, reactionism, detachment, technophile, resentful, nomadic, struggling. Teenage/young adulthood years 1973-2000 – fashion and music: anarchic, bold, anti-establishment.
MTV Generation is a lesser-used term for a group overlapping X and Y. Like Generation Jones is to Baby Boomers and Gen-X, so MTV Generation is a bridge between Gen-X and Y.
Generation Y (Gen-Y or Millennials)
1980-2000 and beyond (?)
Views vary as to when this range ends, basically because no-one knows. Generational categories tend to become established some years after the birth range has ended. Teenage/young adulthood years 1990s and the noughties – fashion and music: mainstream rather than niche, swarmingly popular effects, fuelled by social networking and referral technology. Also called Echo Boomers because this generation is of similar size to the Baby Boomers.
Generation Z (Gen-Z or perhaps Generation ADD)
Too soon to say much about this group. A name has yet to become established, let alone characterizing features. Generation Z is a logical name in the X-Y-sequence. Generation ADD is less likely to establish itself as a name for this cohort – it refers ironically to Attention Deficit Disorder and the supposed inability of young people in the late noughties (say 2005-2009) to be able to concentrate for longer than a few seconds on anything. Gen-Z is difficult to differentiate from Gen-Y, mainly because (as at 2009) it’s a little too soon to be seeing how people born after Gen-Y are actually behaving, unless the end of the Gen-Y range is deemed to be a few years earlier than the year 2000. Time will tell.
Source: Generations nicknames and groupings theory (businessballs.com)
Banking and finance apps are one of the most sought after pieces of innovation in Kenya aiming to serve millions of citizens who are banked with a possibility of luring the unbanked to diverse product offerings.
While innovation and creativity in the Kenyan banking industry has been limited to SMS banking for a while, accredited finance institutions are quickly targeting native mobile application users more on the Android platform than any other mobile operating system.
We have come up with a list of the available apps on various platforms prominent among them being the Google Play Store.
This banking apps at the least will ease your hassle and reduce the time you have to spend in queues in various banking halls.
Barclays Bank of Kenya
Along with its Internet Banking service, the Barclays Bank of Kenya is among the banks in Kenya to have a complimentary mobile application launched in June 2013 that serves both personal and business clients. The application is available on the android platform for versions above 2.2. So far between 5,000 to 10,000 clients are using the application.
You can download Barclays Bank of Kenya app from the Google Play Store here.
Like most banking applications in Kenya, the Ecobank mobile banking allows its banking clients to top up their mobile phones with airtime from major mobile operators such as Safaricom and Airtel. Internet and External fund transfers are on the go which cuts down on the effort to meet the bankers in person. Available on the android platform for versions above 2.2, the app has between 1,000 to 5,000 users.
Being among Kenya’s most profitable banks, Equity Bank has a mobile banking application dubbed Eazzy 247 that opens up an opportunity for its clients to access their account financials including statements as well as pay bills such as electricity, water, HELB, DSTV bills and others. The app is available on the Google play store with downloads between 10,000 – 50,000. You can download from the Google Play Store here.
The application is also complimented by unofficial apps such as the Equity Direct Mobile which is a money remittance service serving the Kenya community and a less popular Equity Virtual Banking which features ATM locations among other features.
Family Bank (Pesa Pap)
Family Bank is a financial organization that is built around the idea of family and is popular with social groups and communities. Their laid back mobile application developed by Craft Silicon is efficient for servicing utility bills from various service providers in Kenya. The application is available on the android platform for versions above 1.6. You can download from the Google Play Store here.
NIC Bank Kenya
The NIC Bank is not left out when it comes to serving up its clients with the latest innovation. Though basic, the mobile banking application offers everything a banking client is looking for including online merchants and mobile money options. The application is available on the android platform for versions above 1.6.
Though not hosted on the play or app store, KCB’s mobile application can be download on their website offering the ability for users to send money to their mobile money accounts such as M-Pesa, check their balance as well as transfer funds. The application compliments the USSD service accessible via *544# on Safaricom Lines.
The bank has an attractive mobile banking app known as mfukoni which translate in English from Swahili as ‘In the Pocket’. Othe than, the application has an attractive interface and goes beyond that to provide service beyond the usual mobile application. Mfukoni also provides access to services such as insurance and unit trusts that are a product offering by the modern financial institution. You can download from the Google Play Store here.
The have a separate application for tablet devices available for versions 3.1 and up.
Banking will remain a core primary service but sure, banking as we know it will continue to evolve decade after decade.
Leave a comment and don’t mind pointing us to any apps that might have been missed.