85%OF UGANDA'S WORKFORCE (NON SALARIED ) ARE NOT SAVING FOR OLD AGE

 We live in a highly volatile and complex world. With global aid cuts the employment world has become very unpredictable and complex. Uganda's population is growing at a very fast rate and the resources are really scarce. On the contrary we need money to survive every day. Whereas it is tough to live every day what about at that time when we are out of work. We have heard of cases of people who retired and have depleted their savings by the second year of retirement. The New Vision report shows that most of the informal employees struggle to save. This increases vulnerability and dependence, factors which widen the poverty gap. 

There are those leaders who we aspire to emulate in their retirement. They knew that one day they would not be in those offices and thus used their resources to invest wisely. On the other hand there is a case of a company which conned off many Ugandans of their hard earned money and some of them used their pension funds. 

These scenarios show us that there should be a deliberate move by financial sector players to train Ugandans about the importance of long term savings and saving for retirement and emergencies. Financial literacy training should start at a young age just like in developed countries where children are encouraged to save from a young age.

For individual and corporate financial literacy training contact:

Coach Phillip Kiryowa 

Personal Finance Coach(CMA)

Certified Master Trainer, Bank of Uganda

Founder, Advanced Empowerment Link.

0752615916

For Financial Freedom and Sustainable Enterprises 

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