The National Social Security Fund(NSSF) recently indicated that 80% of its beneficiaries use their entire savings after only two years.
In this study by NSSF, at least 20% of Ugandans achieve a semblance of managing their savings and living a comfortable life.
Worse still, only 5% of retirees in Uganda achieve financial independence after retirement according to the 2018 Finscope survey.
Financial experts attribute this to employees who spend their entire life working for organizations and when retiring, they venture into small-scale businesses but lack entrepreneurial skills to sustain and manage them hence losing their lifetime savings.
Claire Kateregga, the Marketing Manager at Buildnet, observes that investing in real estate is a smart way for employees to safeguard their hard-earned savings.
“If you want to retire and live in comfort, a retirement plan and commitment to saving are vital.