Old Mutual has implemented a series of personal finance management trainings to staff at the Malawi Parliament, the delegation of European Union in Malawi, Light House and the Zambezi Evangelical Church men’s ministry.
The trainings which are aimed at empowering individuals with financial skills for enhanced financial wellbeing began from 25 to 30th August 2025 reaching more than 800 people.
Speaking at the Parliament building, Old Mutual Financial Education Manager Benard Chiluzi said the training tackled critical areas of financial wellness including budgeting, savings, investment, risk management, and retirement planning.
Chiluzi said financial literacy is not a luxury but a necessity in today’s challenging economic environment.
“Many people work hard but still struggle financially because they lack practical tools to manage money. These trainings are about shifting that mindset, helping people make their salaries work for them, not against them,” he said.
“People need to be able to separate needs from wants. We normally encourage people to adopt a budget that respond to that. A practical tip is the 50-30-20 rule, where 50% of income goes to needs, 30% to wants, and 20% to savings and investments” he added.
According to Chiluzi, on savings, he encouraged people to create emergency funds where they are able to set aside at least three months’ worth of expenses saying this would protect households from unexpected shocks such as medical emergencies or job loss.
Speaking after the training, the Clerk of Parliament, Fiona Kalemba said the training was eye opening, particularly focusing on retirement.
She encouraged parliamentary staff to plan for retirement with discipline and integrity, cautioning that poor financial preparation can drive individuals into corruption.
She said “long-term security is built through small, deliberate choices made today. Every coin saved, every skill learned, and every wise decision made today is a brick for our retirement tomorrow. Let’s emulate those who successfully transitioned into business and financial independence after leaving formal employment”
The Parliament training workshop held under the theme “Planning for Retirement”, was organised by the Institution’s Integrity Committee.
Old Mutual is a premier financial service provider that also offers free financial education through it On the Money program.
