National Social Security Fund (NSSF) will teach various skills related to financial literacy and wealth management during their first ever investment and wealth management symposium set for next month.
Addressing journalists on Wednesday, NSSF Managing Director Richard Byarugaba said a 2018 survey indicated that many of their members don’t know how to use money after clocking the mandatory age.
“The survey we did among NSSF beneficiaries to compare quality of life before and after receiving benefits indicated that 53% had their benefits sustain them for less than a year and by the end of the first year, 98% had no money left,”Byarugaba said.
“We know the story would be different if they planned well and sought professional advice.”
According to the NSSF boss, many of their members take advice from mostly family members or relatives about the use of their savings, noting that on many occasions, they end up losing all their life savings.
He noted that the survey revealed that a big percentage invest their savings in crumbling ventures that end up blowing up all their monies.
“We found out that 45% who get their savings use them for building or completing their houses but in the end, the money is not enough to complete the house and end up at noting.”
Byarugaba however noted that during the symposium, participants and members will be exposed to knowledge that will enable them plan well for their retirement by managing their finances well, planning and making sound and informed choices about investment.
He added that participants will be exposed to tailor made business solutions available at various providers that members can take up.
“The symposium is only part of our financial literacy program at the fund aimed at ensuring our members make informed decisions when they clock retirement age,”Byarugaba said.
The first ever NSSF investment and wealth management symposium is set for June 10 at Serena Conference Centre.