Public and private sector employees have been advised to start learning about investment early to ensure that they can continue living well after retirement, just as they did while working.
The advice was given by Rahim Mwanga, Senior Marketing Officer at UTT-AMIS Investment Company, during a financial literacy training session for employees from the local government authority, along with experts from the Ministry of Finance and its institutions.
He emphasized that “retirement should not be a source of financial struggles for any employee who had been receiving a salary, but rather a chance to enjoy the fruits of long-term hard work.”
“By cultivating a culture of early investment, we can help ourselves avoid financial challenges after retirement and secure a better future,” said Mr. Mwanga. He added that planning early will make a significant difference in managing finances later in life.
Additionally, Mr. Mwanga urged employees across the country to ensure their contributions are paid on time by their employers. He also encouraged them to take advantage of pension funds, highlighting that they provide substantial benefits for their future.
On his part, the Acting Director of Mwanza City Council, Mr. Erick Mvati, praised the Ministry of Finance for visiting Mwanza Region to offer financial education.
He said, “This education is crucial for the public to help them improve their economic well-being and create better financial stability.”
He further stated, “Once this knowledge reaches all segments of society, it will help reduce issues within communities as people will understand their rights, know the laws that guide them, and avoid conflicts related to loans.”
Santley Kibakaya, a Financial Management Officer at the Ministry of Finance's Financial Sector Development Department, added, “The Ministry continues to provide financial education to citizens so they can understand the various opportunities available in the financial sector.”
He pointed out that the financial sector has been facing numerous challenges. Through this ongoing education program, experts have an opportunity to listen to the challenges, suggestions, and feedback from the public.
“This will help us address issues that require solutions and improve the program in regions that have not yet been reached,” he concluded.