Local finance advisory firm, Sycamore Consult Limited, has said there is a need for enhancing national reach with saving and investment education as a crucial tool for empowering citizens financially.
Sycamore Consult Limited Chief Executive Officer (CEO), Audrey Mwala said this during a Retirement Planning Training in Blantyre.
She said while pension contributions provide financial safety nets, employees must also explore additional investment opportunities to secure a stable future.
“Employees need to learn how to augment those funds with smart investments to ensure financial security after work,” Mwala said.
She highlighted the importance of early planning, advising that the best time to start preparing for retirement is from the moment one earns their first income.
Mwala said even those nearing retirement can still make informed financial decisions to improve their post-work life.
She said many employees approach retirement with anxiety, fearing financial instability once their monthly salaries stop.
“However, we are working to change that narrative through our retirement planning training sessions,” she said.
The training covered various aspects of retirement preparation, including the history and legal framework of retirement, the psychology of money, investment options, and risk management.
Participants were guided on how to structure finances wisely, avoiding common pitfalls such as investing in unfamiliar businesses that often lead to financial loss.
One of the participants, 31-year-old Precious Katchire, said he was delighted by the insights gained, admitting that he had previously never given much thought to life after retirement.
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