KAMPALA— Ugandan journalists have been lectured on life after retirement —with financial experts advising them to use their time well through purposeful savings and investments.
Speaking during a financial literacy media lecture for journalists organized by Diamond Trust Bank, experts painted a grim picture of life in retirement especially for those who fail to manage their finances responsibly during their youthful and working age.
Tilda Nabbanja Turyagenda, the Head of Financial Literacy at the Bank of Uganda and DTB Executive Director Maina Kariuki facilitated the half-day training held at Hotel Africana in Kampala on Wednesday October 19.
Ms. Nabbanja asked journalists to study the changing industry dynamics and go for risk free investments.
“Always try to go for risk-free investments. Start investments with your savings and only borrow to grow your investments. Insurance helps you manage the risk of losing your hard-earned investment or property. Deal with only supervised/regulated institutions. Don’t forget to plan for your old age. Live a balanced life and spend more on your immediate family,” she said.
On saving for a purpose, Ms. Nabbanja said: “Don’t just save for the sake of doing it but at the end you must show something that you got out of saving. For example save for four years to buy a plot of land and indeed buy it. This way you will be motivated to save more”.
She said that only 21% of Ugandans save to achieve goals in their lives, a development she said is unacceptable.
Nabbanja who read from Bank of Uganda Capability Survey report for 2019/2020 also said only 8.6% of the Ugandan population can live for six months after loss of jobs or income.
“For any money you get, put it on paper before it leaves your hands. Even before you buy food or save, make a budget. Know that every coin you get is out of chance. Forego certain things that you want to have but ensure every penny you spend goes to only things out of which you will benefit,” Nabbanja said.
“Above all, you must develop financial discipline in all you do. Spend on things you need before those you want.”
DTB Executive Director Maina Kariuki advised journalists to plan for their life accordingly—also warned them against trying to acquire wealth through illegal means.
“You need to invest, no matter how much you earn. You will never have enough anyway. Do something about the resources that you are earning. When you move a step, the portion you save will increase automatically,” he said.
In his part, Samuel Matekha who heads the marketing and communications wing of the DTB said the bank sought to empower not only journalists but all members of society in regards to financial literacy.
“If you have an empowered community, you are sure their health is fine even if the government is not there because they can manage their needs. We targeted journalists today because they are an important pillar in society since they communicate, influence opinion, make or break communities,” Matekha.
“We wanted to show them that they too can be rich but this depends on the way they utilize the resources they have.”
DTB is one of the oldest banks in Uganda with 33 branches spread out to serve its customers.