Old Mutual has rolled out a series of personal finance management trainings targeting staff from the Malawi Parliament, the Delegation of the European Union in Malawi, Light House, and the Zambezi Evangelical Church Men’s Ministry.

The initiative, held from 25th to 30th August 2025, reached more than 800 participants, aiming to equip individuals with essential financial skills to enhance their financial wellbeing.

Speaking at the Parliament building, Old Mutual’s Financial Education Manager, Benard Chiluzi, emphasized that financial literacy is no longer a luxury but a necessity in today’s economic climate.

“Many people work hard yet continue to struggle financially due to a lack of practical money management tools. These trainings are about shifting that mindset—helping people make their salaries work for them, not against them,” Chiluzi said.

The sessions covered key areas of financial wellness including budgeting, saving, investing, risk management, and retirement planning. Chiluzi introduced the 50-30-20 budgeting rule, where 50% of income is allocated to needs, 30% to wants, and 20% to savings and investments.

He also encouraged participants to build emergency funds covering at least three months’ worth of expenses to cushion against unexpected financial shocks such as medical emergencies or job loss.

Following the training, Clerk of Parliament Fiona Kalemba described the workshop as eye-opening, especially in its focus on retirement planning. She urged parliamentary staff to prepare for retirement with discipline and integrity, warning that poor financial planning can lead to unethical behavior.

“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 transitioned successfully into business and financial independence after formal employment,” Kalemba said.

The Parliament workshop, themed “Planning for Retirement,” was organized by the institution’s Integrity Committee.

Old Mutual, a leading financial services provider, continues to offer free financial education through its flagship On the Money program.