Youths urged to save, invest

By William Kumwembe:

Youths have been urged to secure their financial future by saving and investing in various forms.

Chairman of Investment Alliance, a local economic empowerment investment company, Simon Itaye, said this at the financial planning and wealth management seminar which investment management firm, Nico Asset Managers organised.

Itaye is among 12 local entrepreneurs who founded Investment Alliance in 1998, which now has net assets worth K4 billion.

Itaye said besides understanding capital market products, the youth should be educated on the need to plan for their financial future.

“All of us need financial independence and financial independence starts with investing,” Itaye said.

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Itaye said saving and investment culture has significantly improved among the youth in recent years.

He, however, said more needs to be done if more young people are to be brought on board.

“People are now realising that there are opportunities to save and invest. More and more people are now saving and the market has also grown. The environment has changed and the opportunities are available,” Itaye said.

Nico Asset Managers Portfolio and Business Development Manager, Tumusime Msimuko, said the firm was impressed with uptake of investment opportunities among local budding entrepreneurs.

She said the firm would continue creating platforms to be used for sharing of knowledge and experience.

“A lot of people realise that there is an information gap. We intended to encourage young people to intensify efforts towards savings and investment. We have a role to play in sharing information,” Msimuko said.