The Managing Director National Social Security Fund (NSSF), Mr. Richard Byarugaba has called on young people to embrace the habit of saving irrespective of their levels of income. He disapproved the lavish kind of expenditure that has become popular among the youth in Uganda.
Byarugaba was Wednesday evening speaking to a group of young people during the monthly talk series organized by Young African Leaders Initiative (YALI) held at the KCCA Employment Services Bureau in Kampala.
“There’s nothing like having enough income to save. You will be surprised to learn what those KCCA women who sweep the roads are doing with their small pay. They have a place they are renting, kids they are educating and are saving for a plot of land where they will retire to,” Byarugaba explained to the group.
“If these women can afford to save, you too can,” he added.
He challenged every young person to keep records of their daily expenses. This, he says will guide them against wasting money on expenses that are not basic or necessary.
The NSSF boss observed; “If you were given Ugshs 1M you would spend it, given Ugshs 5M you still would spend it, same as Ugshs 10M. The only difference is that you’ll spend it in/on more fancy places/things but all of which serve the same purpose.”
He warned youths against spending on lavish wedding and graduation parties which won’t count after a short while. “Please do not buy a car before you own a plot of land or a house. Land is the only fixed commodity.”
Byarugaba who has worked with the top organizations in Uganda over the years also opened up on how young employees can gradually rise through the ranks of their careers. A successful career, he said requires a combination of; hard and soft skills as well as managerial and strategic skills.
With these skills, one can then ably manage to lead teams, manage resources and generate operations to run the business or organization.
“Don’t be discouraged by the level or job at which you begin your career. Aim at getting to the top. After my university, I applied for three jobs and all the three gave me an offer. I’ve never applied for a job again in my life. Am always head hunted due to the skill set that I possess,” he added.
He assured the youth that saving with NSSF is the right thing to do since it gives them better returns in the long term compared to other investments.