Savings and life insurance are not part of the culture of many people and women must adopt the savings culture so that there’s financial awareness with the families.
This has been stressed by the Business Relationship Manager of BSP Life, Adi Salote Nalukuya while speaking during the Women in Media Conference speed panel discussion on Managing Your Finances at Grand Pacific Hotel.
Nalukuya says women tend to prioritise the needs of others rather than themselves and it is important that they manage the funds by creating a budget for the family.
When asked what financial empowerment looks like, especially for women in media, she says we need to have a growth mindset, because that's the only way we will be able to thrive and leave a legacy behind.
She further says that less than 20 percent of people have life insurance but most of them do have bank accounts which shows that people are not investing for their future.
Meanwhile, the Manager Financial Inclusion of ANZ, Elenoa Buliruarua says one of the important factors is just setting aside some money for your own financial plan.
Buliruarua says everyone must have their own budget because without a budget people won't be able to do anything.
She says budget allows people to understand and know how much they earn, how and where they spend the money and how much can be saved.
The Manager Financial Inclusion says that everyone has to know their needs in order to understand how they will spend the money and for what purpose.
Buliruarua adds that the families should have emergency funds where people are putting aside about 10 to 15 percent of their income which will be very helpful.
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