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‘Nigerians should plan ahead to avoid old age poverty’

By Cynthia Alo

As part of its quest to bring financial empowerment to the fore, AXA Mansard Pensions Limited, a pension fund administrator, has charged all Nigerians on the need to plan in earnest towards retirement in order to avoid old age poverty.

AXA Mansard
AXA Mansard

Speaking to newsmen recently, the Chief Executive Officer of AXA Mansard Pensions, Dapo Akisanya, gave the charge while emphasising the importance of discussing the topic of retirement planning.

Akinsanya said, “Old age is one of the neglected themes of our society. Everyone is aware of it, everyone knows it will happen one day, but it is still one of those topics many shy away from. Regardless of how we shy away from it though, we will all get old. Therefore, there is no need to avoid the topic or bury one’s head in the sand.”

He said that older people are more vulnerable, and also face a higher probability of living in poverty, adding that the world is experiencing improved life expectancy and an ageing population, which means the proportion of older people continues to rise.

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He said, “Many times, with old age comes a decline in capacity for work and, therefore, income-earning ability. This is coupled with potentially higher expenditure on health care and other essential services, increasing the likelihood of older people becoming and remaining poor. Older people are particularly vulnerable to the effects of economic change, and those without savings, assets, or the capacity to generate income, are among the least able to withstand economic shocks.

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