Those employed have been challenged to develop the habit of saving from what they earn to have a soft landing when they finally retire from service.
According to cooperative officer Busia county government Mr Zebedee Lusibo, most of those in employment entirely depend on their salaries and do not invest anywhere and when they retire they die miserably.
Addressing the members of the Busia County Assembly Cooperative Society during their Annual General Meeting held in Busia, Mr Lusibo challenged those with pay slips, especially government employees to save in cooperative societies to have a better life when they retire.
“Employment is good because it can help you calculate your income but it is not permanent because very soon you will leave that position and go home when you retire and if you don’t develop a saving culture while still in service when you retire you have nothing to hold on to.
That is why I am appealing to those who are employed that, start saving now because that is the only place you will lean on after you retire,” he noted
According to him the saving culture in Kenya is at 10 percent a move he says contributes to the high poverty index not just in Busia county, but the country at large.
“The poverty index in Kenya is high because on average only 10 percent of the Kenyan population has adopted saving habits. This means that out of 100 people, only 10 people have embraced saving culture the rest eat what they get.
For example, in China, the saving culture is at 37 percent and you can see where China’s economy is compared to the Kenyan economy,” he noted
Busia County Assembly Sacco’s chairperson Mr Gabriel Erambo called upon those who took loans from the society to repay back on time adding that defaulting is one of the main challenges they are facing as a society in moving forward.
“It is my appeal to those who we gave loans to try and pay back on time. Defaulters are affecting society financially, especially in giving out loans to other members who qualify,” he noted
Mr James Lwanyonyi who is the society’s treasurer urged the business community in Busia and Kenya at large to join the society demystifying the notion that the society belongs to the county government and the county assembly staff alone.
“I want to welcome every Kenyan who wishes to join our society to feel free to do so. We welcome the business community to join us. We all know that the economy of this world is run by the business community.
We give out loans at an affordable rate compared to other financial institutions. Let the dormant members activate their accounts and see how they will reap big from the society in future” she stated