Youth urged to prioritise financial literacy, retirement security
There is the need for increased financial literacy and retirement planning in the country, particularly among young people, a lecturer in finance, Dr Godfred Amewu, has said.
Advertisement
"Understanding how to manage your finances, investing wisely and planning for the future is crucial to achieving financial stability and security.
"Retirement planning is preparing for your future so that you can continue to meet your goals and dreams independently. It helps you live a longer life, meet urgent needs, and fight economic factors like inflation," he said.
The lecturer emphasised the importance of investing in oneself, income-generating assets and entrepreneurial ventures to achieve financial stability.
Dr Amewu, who is a lecturer at the Department of Finance, University of Ghana Business School, was speaking at a business forum organised by Maxwell Investment Group, an export and logistics company, in Accra on the impact of financial literacy in post-retirement financial security.
The forum, which is the second edition, attracted mostly students, young professionals, entrepreneurs and members of the National Pensioners Association.
Planning
The lecturer also stressed the need for retirement planning, which includes setting goals, estimating expenses and investing in retirement savings.
"Retirement planning is preparing for your future so that you can continue to meet your goals and dreams independently,” he added.
Dr Amewu further expressed concern over the fact that many young people were not interested in financial literacy and retirement planning, in the belief that they still had plenty of time on hand.
"Don't wait until it's too late. Take control of your financial future, and plan for retirement today," Dr Amewu advised.
He urged stakeholders, including the government and academia, to create awareness and include financial literacy in the school curricula.
Life expectancy
The Chief Executive Officer of Maxwell Investments Group (MIG), Dr Maxwell Ampong, said although the average life expectancy of Ghanaians had increased over the last two decades, the increase did not necessarily translate into a healthier and more dignified life for the elderly.
"Young people must prioritise retirement planning and invest in their future to avoid struggling in old age," he advised.
Dr Ampong said a project, Africa school of entrepreneurship, which was aimed at training and offering micro credentials to young people, in partnership with 12 business schools had been established, and, therefore, urged the youth to take advantage of the initiative.
The Assistant Manager, Planning Research Monitoring and Evaluation at the National Pensions Regulatory Authority (NPRA), Roland Avenyo-Addico, urged employees to prioritise their pension contributions and also check their statements regularly to ensure their employers paid the contributions they deducted.
For his part, the General-Secretary of the National Pensioners Association, Stephen Boakye, said, "it's essential to have a clear plan in place for your golden years.
