Stanbic Bank Uganda, Liberty Life AssuranceUganda Limited and STANLIB Uganda Limited have made a significant contribution of UGX 50 Million towards the NSSF Money Talk symposium taking place next week on Monday 10th June 2019.
This will be the first NSSF Investment and Wealth managementsymposium and itaims to bring together financial advisory and investment experts from within the East African region to promote professional financial and investment decision making.
NSSF Head of Marketing, Barbara Arimi said that for NSSF members to sustainably benefit from their savings, they must plan and seek expert advice, lest they lose all their life savings because of ill-advised and poor decision-making.
“In 2018 we concluded a survey among NSSF beneficiaries to compare the quality of life of NSSF beneficiaries before and after retirement receiving NSSF benefits. 53% said that their benefits sustained them for less than a year and by the end of the first year, 98% had no cash left. We know that the story would be different if they had planned well and had sought professional advice,” she said.
Speaking at the handover ceremony, Israel Arinaitwe – Head of Personal Markets Stanbic Bank Uganda said, “We are proud to be in partnership with NSSF in thisinauguralsymposium because it aligns with our wealth strategy. Wealth is not only for the wealthy, but it is for everyone and we are all on our unique personal wealth journeys. Through our Wealth Financial Fitness academies, we enable our clients understand how they can holistically plan for their finances, protect the wealth created for their families to enable them to live their desired lifestyles.
In delivering the Wealth proposition, Stanbic leverages on the capabilities of the strategic partnership with Stanlib and Liberty Group who will be integral to providing the best solutions in creating sustainable wealth.
The Head of Retail and Marketing LibertyLife Assurance Uganda, Agatha Namarasaid, ‘Liberty is pleased to be part of the symposium. This partnership enables us to deliver a superior, enhanced and innovative value proposition to customers that take care of all their financial service’s needs. The one-stop shop facilitates us to analyse, assess and advise clients efficiently based on their individual needs’.
Also making remarks at the event, Richard Muganzi–Head Business Development Stanlib Uganda Limited said, “Stanlib offers different products to grow and manage your money and can help customers manage investments before and after retirement.”
The symposium, which will be attended by over 1,000 people at the Kampala Serena Hotel, will also equip participants with knowledge to enable them plan for their retirement better by managing their personal finances well, planning, and making sound and informed choices about financial products and investment.
At the event the guest speaker will talk about “Wealth Creation & Preservation for Generations”. Other topics of discussion include “How to create wealth through Capital Markets” and “Real Estate for Wealth Creation & Preservation”.
Barbara further added, “This symposium is only a part of our Financial Literacy Programme at the NSSF. Through this initiative, we want to offer professional financial and investment advice to our members to enable them make better decisions when they get their retirement funds.Financial literacy is an area on which the Fund will focus because unfortunately, not many Ugandans have the knowledge and skills to make informed financial decisions. We have specifically segmented our membership, from those who have started saving with us to those who are about to exit to enable us provide advice that is relevant and useful,”
According to the findings of the Fund’s survey, most retirees invest their pension in agriculture, business, land, rentals, cows, further education, school fees, medical bills or fixed deposits to earn an interest.
Making better investment decisions will ensure retirees do not end up being destitute or dependent after receiving their pension. Whereas many of our members invested their money gainfully in business, there is a general lack of knowledge on business management and opportunities that can generate earnings to cater for their cash flow needs,” Byarugaba concluded.
The event speakers have been drawn from Bank of Uganda, Capital Markets Authority, Stanbic Bank, National Housing and Construction Company Limited, Housing Finance Bank and NSSF.