Managing Director of Enterprise Trustees, Joseph Ampofo has urged Ghanaians to cultivate a saving habit to secure their financial future.
Discussing the three stages of financial life on the Springboard Virtual University on Joy FM on Sunday, March 8, Mr Ampofo noted that the act of saving was not made for a particular group of people so everyone must invest in their future.
“From the fresh graduate or newly employed people to those who have earned income over time, and to those preparing for retirement, there is still time to make that quick financial decision to be consistent about savings to secure the future.”
He highlighted that securing future finances hinged on being committed and also consistent in saving for the rainy day.
He further advocated that parents inculcate the habit to their children.
“For most people, the tendency to procrastinate about savings while earning a lot of income was very high, but in the long run, the impact of postponing would be felt.
“We keep postponing things we know we have to do. There is magic in investments called compound interest. If you put something down every day, over time you will have a lot. We need to be consistent over time with our savings habit,” he said.
While urging people to be keen on savings and investments, Mr Ampofo also advised people to investigate the company they transact business with.
In the wake of Ghana’s financial crisis, he said, it was important for people to read around and get information on the company that it intended to manage their funds.
“Call the regulator and find out about the company. Make inquiries and keep your ears to the ground.
“Do not be making investments based on referrals. Demand information on how to make investments and take active interest in whoever is holding your money,” he said.
For middle years, the Managing Director said it is important for them to continue the savings habit, as well as scale-up savings to reflect the changes that are occurring over the years.
“At this stage, people should also be interested in finding other alternatives on how to secure financial wealth, as your earning increases, you increase the amount you set aside.
“At this stage, the savings habit has been formed already and you have to maintain it and scale it up to reflect the new conditions.”
Mr Ampofo said in securing financial risks and minimising it, it was important to save for the children, as well as take up insurance cover to help minimise the risk and secure the gains.