The 2025 Financial Literacy Program: Equipping Members for Successful Retirement
Thursday, February 6 2025 3:37 pm
By Anna Maria Sanyu - Financial Advisor
In 2019, a post-retirement research study conducted by NSSF revealed a harsh reality: 80% of NSSF beneficiaries exhaust their entire savings within just two years of retirement. Only 20% manage to use their savings effectively, achieving a moderately comfortable retirement. Furthermore, many retirees lack the skills needed to succeed in business, often resulting in significant business failures and the loss of life savings. Put into perspective, just 5% of retirees in Uganda attain financial independence after retirement.
For many, financial decisions are made without adequate knowledge, often relying on advice from household members or relatives. To address the above issues, NSSF in 2019 established the Financial Literacy Programme. The program provides NSSF members with access to professional advice on finance, investment, and business solutions, empowering them to make informed decisions. Participants receive a certificate upon completing the program, which covers crucial topics such as:
- Savings and debt management
- Budgeting
- Entrepreneurship
- Retirement planning
The program is flexible, offering sessions online, in workplace settings, through peer cohorts, and in institutional arrangements. Over the years, the Financial Literacy Programme has featured respected thought leaders like Robert Kabushenga and Florence Kintu, who have shared insights on diverse topics, including financial parenting, saving, and investing among others. To date, over 2 million individuals have benefited from the program, many of whom have shared inspiring success stories. Henry Mbeera, a businessman in Kampala, credits the program for transforming his entrepreneurial journey:
“I joined the financial literacy program to follow my passion for entrepreneurship. They brought in tutors with real-world business experience, equipping me with essential tools for business management, customer satisfaction, and organization, among other skills,” Mbeera shared.
NSSF’s Financial Literacy Program is a continuous initiative by the Fund. Register via https://www.nssfug.org/benefits-products/financial-literacy/ and mark the dates below on your calendar to participate in this year’s program.
