Tshepang Seisa Head of Capital Markets Products & Solutions, Standard Chartered Bank Botswana
Women make up 51 percent of Botswana’s population, account for 63 percent of the labour force and own 65 percent of the businesses in the informal sector.
According to the 2021 Mastercard Index of Women Entrepreneurs (MIWE), Botswana had the highest concentration of women entrepreneurs for 3 years in a row. Botswana has historically scored high in the economic advancement of women, sometimes outperforming high-income and more developed economies. However, despite such encouraging statistics, women still face obstacles when looking towards retirement.
Women live longer and save harder, but retire “poorer”.
The societal responsibilities of women in their younger years – where they can become active and possibly aggressive investors – become a barrier that prevents women from saving for a comfortable retirement.
Data has shown that women are more likely to withdraw from their savings to pay school fees, for caregiving, and to cover expenses during career breaks, among other things.
When women equip themselves with financial literacy and knowledge, they build confidence to actively plan for a secure retirement.
What can women do to plan for a more comfortable retirement?
First things first, it’s important to begin to plan for your retirement in your younger, active years; learning and being comfortable engaging with financial advice.
Standard Chartered Bank Botswana offers you an opportunity to engage with skilled Affluent Relationship Managers supported by an Investment Advisor, who will take you through the suite of products and options the Bank has to help you begin your Today, Tomorrow and Forever journey.
Today, ensures that your immediate needs are met. Tomorrow, ensures that your future needs and aspirations are aligned with your investments and savings. Forever, speaks to the wealth legacy you will leave for your loved ones.
When is the best time to start?
Today – the best time to start is today. Whether you are in your 30s or your 50s, it is never too late to begin your journey. The first step is to create your investment profile and to get an idea of where you are on the four stages of financial life – Investment planning, Personal Protection, Wealth Accumulation and Retirement planning.
What investment options are available?
Your investment profile and your stage in the financial life cycle will determine which wealth solutions fit your profile. Standard Chartered offers you the opportunity to invest in Offshore Mutual Funds, Botswana Government Bonds and Offshore Fixed Income Bonds. Worry not – Remember, we begin this journey when you are comfortable with engaging with financial advice.
What if I am Self Employed?
Our wealth solutions are tailored to your personal circumstances and economic activity. You can make a lump sum investment in any of the options that fit your profile and continue to earn interest in US Dollars or Pula. You can reinvest your interest or use it to augment your income. Remember, the objective is to spend as much time as possible “in” the investment to maximise on your returns.
What happens to my journey towards a comfortable retirement, if and when “Life” happens?
Life happens to all of us at some point – an unexpected illness, divorce or a career gap. The answer is to start your investment journey as early as possible so that you spend as much “time in the market” as possible. This basically means that the longer you invest or save, the greater the ability to increase the returns on your investment. You can choose to redeem some of your investment for cash, or you can use the monthly, quarterly, or semi-annual returns. Remember, you can always recover and rebuild when you have a solid investment foundation.
Can my family benefit even when I am no longer here?
This is what the Tomorrow element covers in your investment journey. This is the stage where you may consider the various life assurance options available and to adequately cover funeral expenses for yourself or your loved ones. The objective is to focus on the future and on long-term returns, so that you can leave a legacy for your loved ones.
Remember, it is never too late or too early to start planning for a secure retirement.
Begin your journey today with Standard Chartered Bank Botswana.
