The National Social Security Fund (NSSF) has announced the third edition of their award winning savings initiative dubbed NSSF Friends with Benefits.
The initiative that takes a television show format promotes a savings culture amongst Ugandans by highlighting successful stories of people who received their NSSF savings and sustainably invested them or did something inspirational.
Speaking to journalists at Workers House on Tuesday, Barbra Teddy Arimi, the NSSF Head of Marketing and Communications promised something unique during this year’s edition of the show.
“The Friends with Benefits show this year is unique as the fund focuses more on imparting financial literacy knowledge to benefit not only our members or those close to retirement age but also our young people to make better and informed decisions when managing their personal finances,”Arimi said.
According to the findings of a recent survey conducted to establish the quality of life for NSSF members before and after retirement, majority of members started saving late in life at about 38 years with an average saving period of only 16.7 years resulting into an inadequate pool of funds at retirement.
“This show not only motivates the public to start saving by demonstrating its value but also shines a light on viable investment options from members who have set themselves up to thrive even during retirement,” Arimi added.
Beneficiaries will be required to submit a short and compelling story, stating how they utilized their NSSF savings and transformed their lives through a form available on the NSSF website.
In addition, relatives and friends can also share stories of beneficiaries they know whose lives have been transformed because they put their benefits to excellent use.
The top 16 successful stories, according to NSSF will be aired in a compelling television show where winners will be selected through voting by the public and an expert panel of judges.
Three winners will then be rewarded with a total of Shs55 million to further improve their lives.
The friends with benefits show recently won a continental award as the best corporate image campaign during the Africa SABRE Campaigns awards held in Kigali in May 2019.
It also won the 2017 International Social Security Association (ISSA) financial literacy initiative good practice award.
The show returns on the backdrop of a 29% increase in the amount of money paid in benefits to qualifying members from Shs278 billion in 2017 to Shs60 billion in 2018.
The number of beneficiaries also increased from 19,027 to 23,665.