Story By: Ishmael Barfi
Young people have been urged to start planning their retirement in their youthful days to avoid depression and frustration in their old age.
According to Dr. Godfred Amewu, a lecturer at the Department Of Finance at the University of Ghana Business School (UGBS), added,“ Retirement planning is something that you need to start with right now stressing that “more you delay, the more it becomes hectic when you retire”.
He noted that it can be possible when young people are financially literate enough to plan their retirement and, hence enjoy their old age with their families and loved ones.
Dr. Godfred Amewu made this recommendation during an interview with the media at Vol. 2 of the MIG Business Forum on Thursday, 25th April 2024 at the British Council, Accra.
The Vol. 2 MIG Business Forum organized by the Maxwell Investment Group provided attendees the opportunity to know the importance of financial literacy in navigating the complexities of retirement planning, strategies for effectively managing finances during retirement years as well as know the common pitfalls and challenges faced by retirees and how to mitigate them and tools and resources available to enhance financial literacy and promote long-term financial well-being.
Dr. Amewu speaking at the vol. 2 of the MIG Business Forum 2024
Speaking further, the lecturer at the UGBS Department of Finance explained that, the forum is a good platform to create awareness of financial literacy and retirement planning saying “So, this program provides us with the opportunities to discuss issues regarding financial literacy and retirement planning.”
He therefore called for more such initiatives to spread more awareness as well as empower individuals to make informed financial decisions, ultimately contributing to broader economic growth and stability.
In addition to that, DAr. Godfred Amewu advocated for schools and universities to tailor courses and subjects that would increase financial literacy and retirement planning awareness, especially among young people.
This according to him, would increase the knowledge base as well as enlighten the ordinary Ghanaian on the importance of financial management and the need to have a retirement plan that would cater to their old age to avoid any depression and and frustration.
“We need to engage the institutions that are into training “for them to factor that into our culture and encourage young people to take courses in financial literacy and also retirement planning”, he reiterated.
Dr. Amewu was of the view that financing diversification is a key rule of minimizing your risk.
Noting that “as an individual, if you don’t diversify, and you put all your assets into one particular investment. When the risk strikes you could lose if you lose everything”.
“So as you plan your retirement or you plan your finances, you need to diversify, put some into maybe treasury bill a bit into real estate, a bit into fixed income security, then the equity market. You can even look at the cryptocurrency market that they all bring their returns together and when they strike, the other ends will be available to push you down”, he echoed.
Dr. Gogfred Amewu engaging the media
On his part, the General Secretary of the National Pensioners Association Stephen Boakye urged young people to prioritize financial literacy to ensure a secure retirement.
The Pensioner underscored the challenges accompanying retirement, cautioning that inadequate preparation could lead to regrettable post-retirement situations.
“Don’t rent a room during your pension days; it will kill you quickly; renting as a retiree is like facing the firing squad because your landlord will be harassing you,” he reiterated.
He lamented the notion of individuals toiling for decades only to return to a life of hardship in their retirement years. Boakye stressed the need for strategic planning from a young age, urging the youth to not only accrue savings but also invest wisely for their future financial security.
“Pension has to be enjoyed; you can’t work for over sixty years and come back to suffer; no, that’s not how it is supposed to be.
“Learn how to plan your life as a youth. You will earn money, so take the time to enjoy it, but plan well,” he added.
Dr. Maxwell Ampong, the Chief Executive Officer of Maxwell Investment Group during an interview
In addition, Dr. Maxwell Ampong, the Chief Executive Officer of Maxwell Investment Group, reflecting on the significance of self-reflection and personal growth, expressed that if he could meet his future 20 years from now, he would likely discover numerous missed opportunities and actions he might regret.
Looking back, Dr. Maxwell Ampong stated that he could have become a better person had he prioritized certain aspects of personal development.
Source: www.thenewindependentonline.com
