NAIROBI, Aug. 2 (Xinhua) -- Kenyans in retirement use up to a quarter of their financial resources on financing the rising medical expenses, leaving barely enough for other basic needs, says a survey released on Thursday.
The survey, which was conducted by pension administrator Enwealth Financial Services and Kenyan based Strathmore University shows that more than 80 percent of the pensioners expressed concern over the lack of adequate medical insurance to cater for the increasing risk of poor health in old age with only 30 percent having a comprehensive medical insurance cover.
The report, titled "Retirement Well-being: A Kenyan Perspective", also raises concern over whether the government and industry players are doing enough to address the issue of availability and affordability of healthcare in retirement.
The study aims at identifying and describing the general meaning of well-being in retirement with a particular focus on the place and value of financial resources in retirement.
According to the findings, the rising health concerns among the retirees also leads to increased food expenses as dietary concerns become increasingly important.
The survey also shows that food expenses range above 20 percent of retirees income with rent and school fees as the other high expenditures for those in retirement.
