By Reporter
The coastal scribes have been urged to develop a saving culture for their retirement.
Retirement Benefits Authority In charge of Supervision Jackson Nguthu said most scribes live miserable lives after retirement for failing to plan.
“The majority of journalists do not have a saving culture; they live hand to mouth, and when it is time to leave their jobs, poverty strikes,” he said.
Nguthu said he is cognizant of the fact that the media industry and local journalists suffer numerous challenges ranging from poor payment and financial constraints.
He said whatever the challenges scribes must embrace personal financial management as part of everyday life.
Nguthu said it is sad seeing scribes struggling to meet their ends even in their retirement age.
“You will see a lot of veteran journalists moving around with cameras and recorders at a time when they should be enjoying their retirement benefits with their families at home,” he said.
He noted that some people end up in depression and commit suicide once their jobs are gone for a lack of savings due to funds mismanagement.
Nguthu urged journalists to prioritize saving, investing, and budgeting to overcome financial constraints.
He added that saving attracts financial security, freedom and the opportunity to enjoy a quality life.
Nguthu said scribes should register with various suitable saving and retirement schemes and save little they have to a make change in life.
The officer said the uncertainties in the media industry and subsequent economic shocks have provided a powerful lesson on the importance of saving and planning for retirement.
Nguthu made the remarks at the Voyager Hotel in Mombasa County while speaking with coastal journalists about financial education on retirement plans, and accessing financial services to save for the future and invest.
At least over 30 journalists drawn from various media houses in the coastal region benefitted from the two-day session.
The training was conducted by RBA in partnership with the Media Council of Kenya.
The initiative also aimed to raise awareness and promote various financial products that meet the needs of journalists to empower them socioeconomically.
Nguthu said anyone can save regardless of their income.
He said for journalists saving is crucial as it aims at taking care of them and reducing overdependency on their children for survival.
Nguthu said the biggest mistake most people make in life is educating and turning their children into investments.
“Your children are not your retirement plan, so don’t expect more from them once you grow old,” he said.
He said the scribes must be proactive to protect themselves from unknown calamities.
According to Nguthu, labour dynamics are constantly changing, and a media house may close one day due to financial constraints.
He added that a scribe can also get hurt while in the field and required to quit jobs forever.
Nguthu said personal savings will act as a security in case anything happens to a scribe.
He advised the scribes to start their side hustles in addition to their jobs to provide a steady stream of income and achieve financial independence.
Nguthu, however, warned people against taking excess loans adding that they are a burden and impede development.
