An article written by Lydia Mirembe, Manager Corporate and Public Affairs, URBRA.
For many youths, retirement is a farfetched idea, concerning people in advanced age. Many youths don’t save for retirement, giving excuses and citing expenses like housing, education, loans among others. Some youth even think that saving is for the rich and well-to-do.
In its continuing efforts to inspire the youth to cultivate a saving culture, Uganda Retirement Benefits Regulatory Authority (URBRA), on 2nd June 2021, organized a webinar for students in tertiary education institutions. Over 100 students participated in the webinar and had an opportunity to delve deep into the key issues around retirement saving. Key speakers at the webinar shared the conviction that the youth must start saving as soon as they start earning.
This means that they will save over a longer period of time, thus accumulate a bigger amount in retirement savings and compounded interest.
Ms. Rita Nansasi, URBRA’s Director Legal Services opened the webinar on behalf of the Chief Executive Officer. She challenged the youth to reflect upon the stages of life, paying particular attention to old-age.
“Nowadays, because of technological advancement and improvement in lifestyles and healthcare, people are living longer to a ripe old age of over 70, 80 or 90 years.This is a period when your retirement plan is your only saving grace. The quality of life you live at retirement, depends on how well you planned while you were still youthful and productive.”