Media Workers Urged to Save Early, Build Financial Security
The organisation's primary goal remains to expand its membership and to promote financial literacy among civil servants and media professionals.
LILONGWE, Malawi — The United Civil Servants SACCO (UCSSACCO) challenged media professionals Tuesday to develop a disciplined savings strategy, emphasising financial planning as crucial for long-term stability, writes Ireen Kayira.
Francis Waliwa, UCSSACCO's chief executive, addressed journalists during financial management training, stressing the importance of saving regardless of income level.
"No matter how little you earn, it is a small fraction that you save," Waliwa said.
He warned that failing to save can lead to financial vulnerability during retirement or unemployment.
Waliwa explained that the training's primary objective was to guide journalists through financial wellness, focusing on key principles: saving, spending within means, emergency planning, and retirement preparation.
"We are saying that everybody should start from where they are," he said.
"You don't need a lot of money to start saving. Something small saved regularly will pile up into a big thing."
UCSSACCO reported significant membership growth, from 10,000 members in 2023 to over 14,000 in 2024.
The organisation's financial performance improved, with profits increasing from K7 billion to K10 billion.
Last year, the SACCO shared 2 billion kwacha in dividends with its members.
Esther Mperiwa, a participant from 101 FM Radio, said the training challenged common misconceptions about saving.
"Most of the time we think that we are too young to start saving, or the money that we are getting is too small to save," she said.
The organisation's primary goal remains to expand its membership and to promote financial literacy among civil servants and media professionals.
Waliwa emphasised that the SACCO aims to reach as many people as possible, encouraging early and consistent saving habits regardless of income level.