Informal sector youth in Bunyoro sub region have been empowered with skills and knowledge to save for retirement. This was part of a four-months public education outreach, conducted by The Uganda Retirement Benefits Regulatory Authority (URBRA) in conjunction with the Ministry of Public Service, February to May 2023. The outreach covered the entire Bunyoro sub-region, including the districts of Kiryandongo, Masindi, Bulisa, Kikube, Hoima, Kagadi, Kibaale, and Kakumiro. The outreach also extended to Nakasongola, Nakaseke, Luwero, and Kayunga districts.

“Many young people don’t have long-term financial goals, believing they don’t have enough money even to cater for their daily needs”.

The targeted audiences were district local government leaders, youth leaders, and at least 200 informal sector youth workers identified at parish levels in selected sub-counties of each district mentioned above. The main objective of the campaign was to encourage young people to understand their roles in becoming self-reliant using the available resources. They were also taught how to select enterprises; how to generate start-up capital; formation of entrepreneurial groups, and the importance of saving for retirement.

Many young people don’t have long-term financial goals, believing they don’t have enough money even to cater for their daily needs. It is therefore necessary to constantly engage them and teach them to be deliberate about saving for retirement. The youth were encouraged to consider the following:

• The purpose of saving for retirement is to avoid old-age poverty
• In retirement, one cannot depend on their children or grandchildren because they have lives and families of their own.
• Saving for retirement is a long-term commitment and requires discipline. One can start small, saving as little as UGX2,000 a day; that way they won’t feel the pressure. If one adopts this approach, they will have 7,300,000 in ten years. If it is invested wisely, one can be sure of good returns.
• Reduce unnecessary expenses. Adopt the culture of first saving before spending rather than saving after spending.
• To avoid the risk of losing your funds, save with a scheme licensed by URBRA.