Staff Writer
A recent study shows that only 22% of Namibians feel confident about their retirement savings, while nearly half have not started saving.
The Old Mutual Namibia 2024 Old Mutual Financial Services Monitor (OMFSM) revealed that many people are under pressure, putting off big expenses, dipping into savings, or borrowing from friends and family to get through the month.
The study found that although there is a strong desire to save, most people do not have enough left after covering basic needs. Financial stress remains a major challenge, with 52% of working Namibians saying they feel financially stressed. The national study surveyed more than 650 working adults across the country and showed that while people are adapting in creative ways, it often comes at the cost of long-term security.
Namibians are taking on side jobs, starting small businesses, saving through stokvels, and investing in livestock to make ends meet. The report also showed that more people are turning to debt to cover basic needs. Sixty-six per cent of working Namibians now have credit cards, and 48% have personal loans. Half said their income has not changed since 2023, and many are earning less than before.
The study also found that 28% are juggling multiple jobs, 24% own or part-own a business, and one in five are saving to start one. Fifteen per cent belong to a stokvel, and 18% invest in livestock, with both numbers showing growth. The findings reflect the real experiences of parents supporting children and elderly relatives, young adults trying to build a future, and workers stretching their incomes to cover daily needs.
Mignon du Preez, public affairs and sustainability executive at Old Mutual Namibia, said the determination and optimism of Namibians is inspiring.
“These insights help us create solutions that meet people where they are, whether they’re starting out, raising families, or preparing for retirement.”
Sanja van den Berg, Old Mutual Namibia Group customer experience manager, said the report highlights the human side of money.
“This report reminds us that financial wellness is not just about numbers, it’s about people’s lives. It’s about helping Namibians feel more in control of their money, confident in their decisions, and hopeful about their future.”
Caption
Sanja van den Berg
- Photo: Old Mutual
