91% of sub-Saharan African workers don't save for old age: why that’s a problem and how to fix it

Sub-Saharan Africa has the lowest level of pension savings in the world Shutterstock

Less than 10% of the workers in sub-Saharan Africa save for old age, the lowest rate for any region in the world. That implies most of the breadwinners today won’t be able to afford basic items after retirement. A pension plan is meant to commit employers to make regular savings so that employees will continue to earn after retirement. The Conversation Africa asked Owen Nyang'oro, a financial economist, about Africa’s pensions and why they need to be fixed.

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