Public servants from various ministries have been advised to exercise caution when making decisions about their salaries to avoid financial hardship during retirement and falling victim to investment scams and fraud.
This important message was delivered during the Civil Servants Financial Education Drive session organized by Absolute Investment Advisors. The session aimed to address critical financial issues, including the sources of financial stress and their impact on health and finances. Participants were educated on the dangers of unsecured loans and key factors to consider before taking them.
Speaking at the session, Absolute Investment Advisors CEO, Mr. Tlali Mpholo, emphasized the importance of sound financial management. He noted that many civil servants experience financial distress due to poor decisions, even when they earn sufficient income to sustain their lives. “It’s about time officers learned from their colleagues’ mistakes and stopped getting themselves into unnecessary debts,” he said.
Mr. Mpholo further stressed that financial well-being is not determined by how much one earns but by how effectively one manages money. He highlighted that financial struggles are not exclusive to civil servants, as private sector employees often face similar issues.
He urged public servants to be cautious with their pension lump sums, advising that these funds should primarily address basic family needs. “Using pension money for massive projects that end up unfinished only leads to further financial distress,” he warned.
The session underscored the importance of financial literacy as a tool to promote long-term financial stability and well-being among civil servants. Participants were encouraged to avoid unsecured loans unless absolutely necessary and to seek professional advice before committing to major financial decisions.
The event served as a reminder that financial discipline, coupled with informed decision-making, is essential for a secure and comfortable retirement. Public servants were encouraged to take proactive steps to manage their finances wisely, safeguard their future, and steer clear of predatory financial schemes.
