Maduka Nweke
As part of its quest to bring financial empowerment to its customers across the country, licensed pension fund administrator, AXA Mansard Pensions Limited, has charged all Nigerians on the need to plan in earnest towards retirement in order to avoid old age poverty.
Speaking to newsmen recently, the Chief Executive Officer of AXA Mansard Pensions, Dapo Akisanya, gave the charge while emphasising the importance of discussing the topic of retirement planning. According to him, ‘Old age is one of the neglected themes of our society. Everyone is aware of it, everyone knows it will happen one day, but it is still one of those topics many shy away from. Regardless of how we shy away from it though, we will all get old. Therefore, there is no need to avoid the topic or bury one’s head in the sand.’
Older people are more vulnerable, and also face a higher probability of living in poverty. The world is experiencing improved life expectancy and an ageing population, which means the proportion of older people continues to rise. Nigeria is not excluded from this trend. More people are having fewer children and, in many countries, living longer. According to the United Nations (2015), the speed of population ageing in many developing countries today is significantly faster than occurred in developed countries in the past. As such, today’s developing countries must adjust faster to ageing populations and often at much lower levels of national income compared to the experience of countries that developed much earlier.
He concluded by saying that ‘many times, with old age comes a decline in capacity for work and, therefore, income-earning ability. This is coupled with potentially higher expenditure on health care and other essential services, increasing the likelihood of older people becoming and remaining poor. Older people are particularly vulnerable to the effects of economic change, and those without savings, assets, or the capacity to generate income, are among the least able to withstand economic shocks.’
An established means of reducing old-age poverty and avoiding the difficulties faced by multi-generational households is through a pension plan. Regardless of the current state of your finances, AXA Mansard Pensions, with its array of retirement savings accounts, can help you meet your retirement needs. With our pension solutions, you can accumulate retirement savings in a well-planned manner. AXA Mansard Pensions will help you address the financial aspects of your retirement early on, ensuring you are free to enjoy your retirement when the time comes.