Old Mutual Malawi advises people to embrace tough times

Old Mutual Malawi says people in the country should embrace tough challenges as a result of President Donald Trump’s executive order to freeze US Aid.

In a statement released by the financial institution, Bernard Chiluzi Financial Education Manager at Old Mutual Malawi said leadership changes often come with both advantages and disadvantages as the recent freezing of US Aid has raised concerns and potential impacts on a number of countries and organisation that heavily rely on this funding.

Chiluzi highlighted the issue of Job losses, stress as major challenges that might arise amongst many people as a result of the freezing order.

“The uncertainty and financial strain can take a significant psychological toll on individuals and their families, negatively affecting their overall quality of life and contributing to a rise in mental health challenges,” reads part of the statement.

On the other hand Chiluzi also said that this may result to loss of benefits as many organisations of critical benefits including; medical insurance, funeral cover, training opportunities and retirement contributions as a result losing of these benefits can have long-term effects on employees well being and financial security as well as impacting pension administration as job losses may lead to a reduction in retirement contributions.

To ensure there is financial resilience during this uncertain times, Old Mutual is preparing the citizenry in the country with the tips as follows; people should priotized needs over wants whereby they should focus on essentials like food, rent utilities and school fees dependents among others, people should also start saving whatever they can to cover basic expenses in case of job loss or income delay due to the freezing of the aid, people should think of what they might start doing to generate additional income including small businesses in case of situations turns negative.

Old Mutual is also advising people in case they have financial commitments such as loans, should negotiate with lenders for more flexible repayment terms or lower interest rates. As it is the case, Old Mutual believe financial challenges can affect the entire household, in this situation people should have open conversation with their families about the situation and explore ways everyone can contribute to cutting costs for them to understand the importance of cutting costs during tough times.

“Above all things, stay positive by focusing on what you can control and remain hopeful for new opportunities, these challenging times require careful planning and resilience. With the right approach you can reduce the impact and prepare for a more stable future,” the statement concluded.

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