Experts have noted that raising awareness and educating the masses about the available savings options in the market is key to cultivating the savings culture in the Uganda.
According to Kumar Sumit Gaurav, Jubilee Life Cheif Executive Officer, noted that besides inculcating a consistent saving discipline, customers need guidance to navigate the available solutions and opportunities in the market.
“We acknowledge the need to offer personalized financial advice as we walk with our customers on their journey towards achieving their goals. We are committed to investing our efforts in empowering our customers in this regard. We are confident that a joint effort alongside other sector players will turn the tide of the savings culture in the country.”
Adding, “There’s need to regularly address and inform people why they need to save for the future.”
Recent estimates by Bank of Uganda reveal that about 3-5% of the 18M Ugandan workers save on a monthly basis. Kenya’s saving rate is at 23%, Rwanda at 18% while Tanzania is at 13%, making Uganda’s situation more precarious.
Addressing Uganda’s low savings culture requires the deployment of robust educational campaigns and the introduction of innovative solutions from players in the financial sector.
“Our new Jubilee Smart Save Plan is designed to empower our customers to meet crucial financial needs while offering a competitive return on investment. Whether it’s funding education, securing business capital, or purchasing a home, this solution will ensure that our customers’ savings work as hard for them as they do,” said Gaurav, during the launch of the company’s Smart Save Plan, a savings product with numerous inbuilt benefits.
Financial literacy analyst Sharon Tumushabe noted that financial planning conversation is relevant to people across different demographics, regardless of where they are in life.
“Financial planning isn’t just about securing immediate needs; it’s about building a foundation for long-term stability and growth. If you have people who depend on you, their well-being and future security are paramount. By starting a structured savings plan, you ensure that, no matter what happens, they will have financial support,” Ms Tumushabe.
She added, “In financial planning, time is one of the most valuable assets. The earlier you start, the more you benefit from compound interest, and the larger your fund grows.”
In contrast to taking a loan to cater to future expenses, Jubilee SMART SAVE enables you to build a fund, has a protection cover and offers various flexible safeguards in case of the death of the policy owner.
