The Emerging Affluent Report, titled the Race to Save, suggests that about 79 per cent of emerging affluent in the country prefer savings as means of achieving their priorities. About 74 per cent of the emerging affluent savers – consumers with a minimum of Sh100,000 gross income – however prefer to put their money in savings accounts. Another 35 per cent save through time deposits (cash in bank which cannot be withdrawn before a set date or where withdrawal notice is required). The survey found that only two per cent of Kenyan emerging affluent millenial ( 25-34 years) prefer to save for their priorities by keeping cash under their mattresses. “It is no surprise that property is so high on the agenda for the emerging affluent,” the bank’s head of global lending Meghan Connolly said.

Source: The Star April 25, 2017 22:41 UTC