NSSF's Byarugaba says Ugandans’ culture towards money is stopping them from saving

Ugandans have been implored to develop a health money culture that will help them save some money off their earnings.

Speaking during their Money Talk Symposium on Monday at Serena Hotel, National Social Security Fund Managing Director, Richard Byarugaba said many Ugandans have failed to save money because of their poor money culture.

“A biggest percentage of Ugandans think their forced savings with NSSF are enough to sustain them when they retire yet a number of them leave their jobs before clocking the retirement age,”Byarugaba said.

Alluding to a survey recently carried out by NSSF, Byarugaba said that 93 of their beneficiaries retire with less than 50 million shillings whereas  90% have only one long term source of retirement saving.

“We want to talk about the 95% and not the 5% that we collect every month as forced savings for your retirement because we know when you retire, you will not be able to finance the kind of lifestyle you are living while still being employed.”

He explained that many Ugandans have failed to have another form of saving other than what is deducted from them to save at NSSF adding that there is need to change the money culture.

“Don’t look at the savings with NSSF. Get a part of the money you earn to save and get multiple saving schemes that can help you in future. It is appalling for many people to think they can use their savings with NSSF to help them when they retire.”

According to Byarugaba, through multiple investments after saving, Ugandans can be able to gain financial independence so they cannot suffer after retirement.

“We can’t continue ignoring the cries of our people. There is need for Ugandans to maintain their lifestyles when they retire after clocking the mandatory 55 years but this can only be done through having a good saving culture but also investing the money we saved and not counting on the forced savings with NSSF,”Byarugaba said.

“Let the savings with NSSF only add onto what you have already saved and invested but don’t think of using NSSF savings to start a new life after retirement.”

Through the Money Talk Symposium, NSSF members were taught various skills related to financial literacy and wealth management during their first ever investment and wealth management symposium.