DETERMINANTS OF USE OF STRATEGIC SOCIAL SECURITY INITIATIVES AMONG EMPLOYEES OF NAKURU COUNTY GOVERNMENT, KENYA

This study sought to investigate determinants of strategic social security initiatives among employees of Nakuru County Government, Kenya. This study conceptualized that there are various determinants of the use of social security initiatives in Kenya. The independent variables guiding this study were financial literacy, literacy on social security and, governance of security schemes. The study adopted a descriptive research design and targeted 60 employees of Nakuru County Government and 30 pension officials of National Social Security Fund, Nakuru offices. The study sample was 80 respondents who were sampled using proportionate stratified sampling technique. Data was collected using a questionnaire and analyzed using Statistical Package for the Social Sciences Version 21. The study revealed that financial literacy is high among employees of Nakuru County. Most of the existent financial knowledge started being acquired at young age and increased with time. As a result, use of strategic social initiatives was high. On its part, social security literacy was average. However, effort had been made to promote such literacy in Kenya. As result, most of the respondents knew the importance of social security initiatives. However such knowledge was not sufficient since some employees were not aware how some social security funds operated. As a result, some of the respondents often made investment mistakes. Lastly, it was evident that governance did not affect adherence to social security schemes significantly. The study recommends that there should be effort to continue offering financial education which should be engrained in school curriculum since financial literacy is garnered over time. Employees should also endeavour to pursue trainings that would enhance their capacity to make informed investment decisions so as to avoid mistakes. There should be regular effort to promote social security literacy in Kenya. Regular review of social security legislation and policies should also be undertaken so as to ensure that governance of such schemes is effective.