‘Savings, pensions critical to development’

The managing director Sigma Pensions, Dave Uduanu, has said short- and long-term savings are critical to the development of countries including Nigeria.

Uduanu disclosed this in a virtual media engagement organized by the Junior Achievement Nigeria (JAN) on ‘Impact of Financial Literacy on Youths.’

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Junior Achievement Nigeria (JAN) is part of Junior Achievement Worldwide, the world’s oldest and largest non-profit economic education organization operating in 120 countries.

The board member of JAN said: “Savings and pensions are critical to national development. Pensions are the bedrock of long-term financial savings. The longer you save the better for you.

“Saving for pension is no magic,” while admonishing people to save enough money now so that when they retire, they can continue their lifestyle in retirement.

He said the minimum requirement for pension is 18 per cent of income from the age of 25 while in other climes, they do as high as 30 per cent.

“If you have a decent financial plan or pension plans, you will not go into fraud. We should emphasise more of savings and savings for the future among the people. The more we save, the better the future is for us,” Uduanu added.