Liberty Life urges Batswana to rethink retirement
Lucy Kgweetsi | Thursday June 26, 2025 11:00
Speaking at the inaugural Liberty Life Annuity Conference held last Friday, Managing Director Joy Buno said Botswana must move beyond seeing retirement as a personal issue and start treating it as a national economic concern. The conference brought together policymakers, HR professionals, financial experts, and industry leaders to confront the growing gap in retirement readiness amongst Batswana. “We support our clients from their very first paycheck to their final withdrawal because it’s not just money, it’s someone’s future, someone’s peace of mind, someone’s last act of love for their family,” Buno said during her opening remarks. She described financial literacy as a “missing piece” in national development and stressed the importance of embedding financial advisors into the lives of income earners from an early stage. Her comments came with a stark example, a personal acquaintance preparing for retirement had not checked her pension statement in years and had wrongly assumed she had saved P4 million. “This kind of disconnect is all too common,” Buno said. The company is responding with several practical interventions, including retirement annuities starting from P300, group business packages, quick benefit payouts, and integrated advisory services.
However, Buno insisted that real change will only come if financial literacy is mainstreamed at home, at work, and across generations. Delivering the keynote address under the theme 'Retirement Is Not an Age, It’s a Goal', financial educator Matlhogonolo Mponang echoed this sentiment. “Retirement is still an uncomfortable conversation in our country,” she said. “For many, it feels distant. For some, it feels like an unwelcome shadow looming in the background.” Mponang said too many Batswana retire into poverty due to a lack of knowledge, planning, and access to reliable financial tools. “By the end of this conference, we should all be empowered to critically engage with our pension statements and demand personalised guidance,” she said. She described Living Annuities as one viable solution, highlighting their flexibility and potential for long-term security. “They give you what people want most, control, consistency, and growth,” she explained. “And your capital doesn’t disappear when you pass on, it becomes part of your legacy.” Her address also touched on the growing burden on public resources, particularly in healthcare, and the need for individuals to take ownership of their long-term wellbeing. “We cannot rely solely on the government. Old age brings financial and medical pressures that we must start preparing for now,” she warned.
Speakers at the event included Dr Keith Jefferies of Econsult, Refilwe Sebego Walebowa, James Fern of SCI Wealth, Nyasha Masimbe from Liberty Africa, Kabo Kgopo, and Thuto Mahlanza, director of retirement funds at NBFIRA. Each offered insights into the policy, regulatory, and practical shifts required to improve retirement outcomes in Botswana. In a direct appeal to institutions, Mponang called on BURS and pension fund administrators to incentivise and support workplace financial literacy initiatives. “Imagine a Botswana where companies don’t just pay salaries but invest in the financial wellbeing of their employees. That’s the kind of change we need,” she said. For employers, the takeaway was clear, integrate retirement planning into staff wellness strategies. For HR professionals, Mponang emphasised the importance of compassion and clarity when helping employees make life-changing decisions. And for individuals, she issued a simple call: “Take your retirement personally. Dream about it. Plan for it. Own it.”