Firm for retirement planning advocacy

Sycamore Consult Managing Director Audrey Mwala has called on workers to begin planning for their retirement early in life, amid rising concerns over financial struggles of retirees.

Speaking at the close of a two-day retirement seminar for National Bank of Malawi employees in Blantyre, Mwala highlighted the financial challenges many pensioners face shortly after leaving the workforce, attributing the problem to a lack of retirement planning knowledge.

“Most pensioners are financially overwhelmed because they were not equipped with the necessary knowledge for retirement planning. It is crucial to understand how to manage these funds to secure their future,” Mwala said.

She stressed that many retirees in Malawi encounter financial difficulties within their first year of retirement due inadequate planning.

“For many people, retirement is the first time they receive a lump sum of money, and without proper financial education, they often mismanage these funds,” she said.

The seminar covered key topics such as investment strategies, budgeting for retirement and managing pension funds.

Mwala emphasised the importance of equipping employees with the right tools and knowledge to ensure financial security in their post-retirement years.

She noted that ongoing education on retirement planning was essential for reducing poverty among the elderly in Malawi.

“Continued education on retirement planning will be key to alleviating financial hardship for pensioners and reducing poverty levels among the elderly,” she said.

A total of 31 National Bank employees received certificates of attendance at the seminar, marking their completion of the two-day training on retirement planning.

National Bank’s Training Officer Joyce Bonyonga said such training sessions were vital for all employees.

“Proper retirement planning is not just about securing personal financial stability, but also contributing to the economic well-being of households and the country at large,” Bonyonga said.

The seminar reinforced the importance of early retirement planning to avoid financial distress in later years.