Increased financial literacy and retirement planning urged for Ghanaian youth
Youth urged to increase financial literacy
Dr Godfred Amewu, a finance lecturer, has highlighted the importance of financial literacy and retirement planning, particularly among young people in Ghana.
Read full articleHe emphasized the significance of understanding financial management, wise investing, and planning for the future to achieve stability and security, Graphic Online reports.
Speaking at a business forum in Accra organized by Maxwell Investment Group, Dr Amewu stressed the need for investing in oneself, income-generating assets, and entrepreneurial ventures to attain financial stability.
He also emphasized the importance of retirement planning, including
setting goals, estimating expenses, and investing in retirement savings.
Dr Amewu expressed concern that many young people are not interested in financial literacy and retirement planning, believing they have plenty of time ahead. He advised taking control of financial future and planning for retirement early.
The Chief Executive Officer of Maxwell Investment Group, Dr Maxwell Ampong, noted that although life expectancy in Ghana has increased, it does not always translate into a healthier and more dignified life for the elderly.
He urged young people to prioritize retirement planning to avoid struggles in old age.
In response, the National Pensioners Association's General-Secretary, Stephen Boakye, emphasized the importance of having a clear plan for one's golden years.
He also advised employees to prioritize their pension contributions and regularly check their statements to ensure employers are paying the deducted contributions.
To further enhance financial literacy and retirement planning, stakeholders, including the government and academia, are urged to create awareness and include financial literacy in school curricula.
Initiatives like the Africa School of Entrepreneurship, aimed at training and offering micro-credentials to young people, provide avenues for enhancing financial education and planning for the future.
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