By Our Reporter
Stanbic Bank Uganda, Liberty Life Assurance Uganda Limited and STANLIB Uganda Limited have made a significant contribution of UGX 50 Million towards the NSSF Money Talk symposium taking place on Monday, 10th June 2019.
This will be the first NSSF Investment and Wealth management symposium and it aims 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 this inaugural symposium 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 symposium, which is expected to 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 speakers 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”.
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,” Richard Byarugaba, the NSSF Managing Director noted.