This archive report was first published on 26 September 2019.
As the unemployment rate among youth reaches unprecedented levels, many parents are being forced to support their children financially well into adulthood. According to George Oyuga, Old Mutual's SME Manager Life Business, this trend is a stark reality that parents must face.
Speaking on the importance of retirement savings, Oyuga noted that children are no longer prioritizing financial support for their ageing parents. He warned that parents who rely on their children for financial support in old age are setting themselves up for disappointment and despair.
“The above picture presents a call for everyone to start early and save for their own retirement because there is no guarantee that financial help will come from elsewhere,” Oyuga said.
He also highlighted the importance of retirement schemes, which are huge lenders to the government and hold assets worth over Sh1 trillion in fund value. Oyuga urged people to embrace Individual Pension Plans as the safest and most flexible platform for their retirement savings.
“Those who have embraced the need to save for their retirement and are not in formal employment will embrace a culture of working harder to acquire what is needed for today and also put something aside for their future lives in retirement,” Oyuga said.
Published on September 26, 2019
