With retirement saving, women almost always start off disadvantaged. According to the Uganda Bureau of Statistics (UBOS) in Uganda, 50% of men are employed, compared to 40% of women. Of the employed labour force, 48% of women are self-employed, compared to 38% of men. Men are engaged more in paid employment, while women spent up to 30 hours a week on unpaid domestic work.

Even among those in formal employment, UBOS indicates that women tend to concentrate in less-paying service work and elementary occupations rather than highly-paid professional work and key positions such as CEOs and senior officials. Women also stay out of work longer especially because of familial responsibilities. All these factors affect women’s retirement saving plans.

Against that backdrop, URBRA on 22^nd November hosted a webinar under the theme, Every woman can: inspiring women to start small, grow big and be green smart. The webinar was organized as part of the ongoing banking and financial services awareness month. The one-month campaign is spearheaded by the Uganda Institute of Banking and Financial Services, in conjunction with financial services sector regulators, including URBRA.

Focusing on women, the webinar was addressed by Ms Helen Kirunda, Managing Director, Team Port. Sharing her own experiences, Ms Kirunda gave ideas on how best women can surmount their limiting factors and adequately prepare for retirement. 

The reality

According to Ms Kirunda women are disadvantaged from the day they are born because society has already mapped out what they are supposed to be and how they are perceived.  “Women are trying to breaking the norms but the environment grows harsher every day from economic upheavals, climate change, epidemics, to cultures that still don’t value women’s contribution,” she said. Yet amidst all the challenges, women draw closer to retirement everyday – either through the ageing process or by stroke of some unforeseen circumstances like Covid19 or fatal accidents. To overcome these limiting challenges, Ms Kirunda suggested key principles a woman can follow to ensure a comfortable retirement.

Find your purpose, know your desire:  A woman must find her niche then she will be able to work with passion. This is not about hobbies; it is about a niche that will bring in some money. Let people know you for what you do well, and they will keep demanding and paying you for it. Whenever you’re in a position where your purpose is known, then you will have your goals in sight, among them a retirement plan. She said that when you find and understand that desire, you will find yourself waking up at odd hours so as to achieve your goals. This can result into having more income streams which is advantageous because then you can save and still take care of current needs.

Start small, be consistent, grow big: Once you find your purpose and passion work at it! Take initiative and start pursuing your goals. Know your strengths and weaknesses, apply special weapons and tactics, so that you hone your skills and tools to enable you pursue your purpose and passion. Start! You don’t have to be perfect when you start. Just aim to be consistent and gradually, you’ll get better at all you do. If you want a happy retirement, you have to start planning and working towards it right away. Small, consistent steps will take you a long way.

Invest in yourself: Women should invest in themselves if they want to get out of the doldrums. They must learn new things outside of their regular jobs, they must pursue knowledge relentlessly and not just through formal education but through many other means. A woman must be knowledgeable on current issues and trends; she must also dress and look appropriately so that no one despises her. Once cannot have a happy retirement when those around her don not trust her and cannot trust her with basic jobs.    

Choose your friends carefully: A comfortable retirement is not only about money; it is also about networks.  If you want a happy retirement, you will need the right group of friends; the kind that will help, pull you up when you’re down. Listen to people from different age groups, social backgrounds, economic status – they may have something worthwhile to tell you. If you are seriously pursuing your purpose, you will notice a change in the friends you choose. You will most likely gain or lose friends depending on what they want from you. Ladies must aim to grow their networks, even strangers might be more useful that the so-called inner circle friends.  

In the journey of self-development, Ms Kirunda advised women to develop these traits: banish self-doubt; be consistent, brave, resilient, honest, respectful and patient. For retirement planning and saving, patience is a particularly important ingredient because it is over the long term. You may not have billions in retirement, but you deserve comfort and happiness and it all happens when you start early, start small and be consistent.