Bisirikirwa Eva, 28, is a tailor in Najjanankumbi, along Busabala Road. She is married, with two children. From her tailoring business, she makes a decent living. She even dreams of acquiring property in an up-country location to set up a home where she will retire someday. However, her saving culture is lacking grossly. “I would like to save up enough money but I am failing. Every time I save some money I get a problem and use it. Even when I join saving and credit groups, I end up defaulting and eventually dropping out. How do I get myself out of this cycle?” a seemingly frustrated Bisirikirwa wonders.
Many people like Bisirikirwa are struggling to change their saving habits. Some have joined their local SACCOS but they have short term objectives and they soon fall out. Some put their money in piggy banks but these can be easily broken into. Other people are investing in plots but as soon they get a financial crisis, they mortgage the plots. These scenarios play out especially among informal sector workers who don’t have a structured retirement saving plan. Many an informal sector worker is headed for a pitiable retirement.
So, when URBRA organized a retirement sensitization seminar for Rubaga South Constituency, the job was cut out – to educate informal sector workers about the importance of saving for retirement, a core aspect of the Authority’s mandate. The seminar was organized in response to an invitation from the area Member of Parliament, Hon Kato Lubwama, who expressed concern that people in his constituency were not saving for retirement.