Business
Union Assurance study reveals low saving patterns among Sri Lankans
Leading Life Insurer, Union Assurance commissioned a research study with the expertise from pioneer in the market and social research, Survey Research Lanka, with the objective of better understanding the savings and retirement habits of Sri Lankans in order to encourage healthy savings for a financially secure future. The research was further validated by Prof. K.A.P. Siddhisena, Emeritus Professor of the Faculty of Arts, University of Colombo.Union Assurance takes pride in launching this study to uncover valuable insights and information.
The data collection period for the study was post-covid and pre-crisis, and the sample size was 1,004 people from 9 provinces in Sri Lanka.According to the study findings, people have a positive attitude towards saving for the future. An overwhelming 70% of respondents believe that retirement savings are extremely important. However, only 27% of them save an adequate amount, while 21% have no savings yet.Current Saving % from Gross Salary for the Future
The amount saved by Sri Lankans generally falls well below 10-15% of one’s gross salary recommended by financial planners (CNBC, 2019). According to the study, nearly one-quarter of the population has no future savings, while 37% save only between 1% and 5% of their income (which is insufficient). As shown, only 20% of the population has a healthy saving pattern as it is in line with expert opinions on saving above 10%.It is indeed regrettable that only 48% of respondents said they have a plan to save for the future.
Pandemic Impact on Saving
A significant impact was evident between income earned and saving patterns. As many as 40% of respondents stated that their income decreased to a greater extent, while 49% stated the same about their savings. Only 20% experienced no change in income or savings.
Trust in Life Insurance Companies More interesting insights gained on trust levels in Life insurance companies as a source of future savings. While 13% said their trust level is extremely high, 41% said their trust level is somewhat high. Therefore, over 50% of the population has high levels of trust in Life insurance.
Financial Safety Net
Life Insurance offers a financial safety net for citizens, particularly during tough times. The stability of your future is largely dependent on your savings. Life Insurance ensures that policyholders and their families are continuously protected.
It is unfortunate that Sri Lanka’s household savings rate has steadily declined over the last decade (World Bank, 2021). This is particularly worrying since 12.3% of the population is aged 60 or older, making it the country with the fastest ageing populations in South Asia (World Bank, 2021). Therefore, income insecurity in old age is going to be a serious issue in the future. Hence, there is a need to encourage people to invest in insurance plans offered by Life insurance companies.
In conclusion,
Saving money is important to ensure a secure financial future. Setting a saving target helps indicate how much one should save over time for their future. The sooner one starts saving and investing, the greater the long-term benefit.
Visit www.unionassurance.com for the full report.
The Delegation of German Industry and Commerce in Sri Lanka (AHK Sri Lanka) proudly facilitated the first-ever Sri Lankan delegation’s participation at Drupa 2024, the world’s largest trade fair for the printing industry and technology. Held after an eight-year hiatus, Drupa 2024 was a landmark event, marking significant advancements and opportunities in the global printing industry.
AHK Sri Lanka played a pivotal role in organising and supporting the delegation, which comprised 17 members from the Sri Lanka Association for Printers (SLAP), representing eight companies from the commercial, newspaper, stationery printing, and packaging industries. This pioneering effort by AHK Sri Lanka not only showcased the diverse capabilities of Sri Lanka’s printing sector but also facilitated vital bilateral discussions with key stakeholders from the German printing industry.
Business
Unveiling Ayugiri: Browns Hotels & Resorts sets the stage for a new era in luxury Ayurveda Wellness
In a captivating reimagining of luxury wellness tourism, Browns Hotels & Resorts proudly unveiled the exquisite Ayugiri Ayurveda Wellness Resort Sigiriya. This momentous occasion, celebrated amidst a vibrant and serene grand opening on the 6th of June, heralds a new chapter in the Ayurveda wellness tourism landscape in Sri Lanka. Nestled amidst 54 acres of unspoiled natural splendour, Ayugiri features 22 exclusive suites and stands out as the only luxury Ayurveda wellness resort in the country offering plunge pools in every room, rendering it truly one-of-a-kind.
The grand opening of Ayugiri Ayurveda Wellness Resort was an enchanting event, where guests were captivated by the melodies of flutists and violinists resonating through Sigiriya’s lush landscapes. As traditional drummers and dancers infused the air with vibrant energy, Browns Hotels & Resorts’ CEO, Eksath Wijeratne, Kotaro Katsuki, Acting Ambassador for the Embassy of Japan and General Manager, Buwaneka Bandara, unveiled the resort’s new logo, marking a significant moment witnessed by distinguished guests from the French Embassy, Ayurveda and wellness enthusiasts along with officials from the Sigiriya area, LOLC Holdings and Browns Group.
“Our strategic expansion into wellness tourism with Ayugiri Ayurveda Wellness Resort Sigiriya symbolises a significant milestone for Browns Hotels & Resorts. Wellness tourism has consistently outperformed the overall tourism industry for over a decade, reflecting a growing global interest in travel that goes beyond leisure to offer rejuvenation and holistic well-being. By integrating the timeless wisdom of Ayurveda with modern luxury, we aim to set a new standard in luxury wellness tourism in Sri Lanka. Whether your goal is prevention, healing, or a deeper connection to inner harmony, Ayugiri offers a sanctuary for holistic well-being” stated Eksath Wijeratne.
Ayugiri encapsulates the essence of life, inspired by the lotus flower held by the graceful queens of the infamous Sigiriya frescoes. Just as the lotus emerges from the murky depths, untainted and serene,
Ayugiri invites guests on a journey of purity and rejuvenation, harmonised with a balance of mind, body and spirit, the essence of nature, echoes of culture and the wisdom of ancient Ayurvedic healing.
HNB General Insurance, one of Sri Lanka’s leading general insurance providers, has been honored as the Best General Bancassurance Provider in Sri Lanka 2024 by the prestigious Global Banking and Finance Review – UK.
The esteemed accolade underscores HNB General Insurance’s unwavering commitment to excellence and its outstanding performance in the field of bancassurance. Through dedication and hard work, the HNB General Insurance team has continuously endeavored to deliver innovative insurance solutions, cultivate strong relationships with banking partners, and provide unparalleled service to customers nationwide. This recognition is a testament to the team’s dedication and relentless pursuit of excellence in the bancassurance business.
“We are honored to receive this prestigious award, which reflects our team’s tireless efforts and dedication to delivering value-added insurance solutions and exceptional service through our bancassurance partnerships,” said Sithumina Jayasundara, CEO of HNB General Insurance. “This recognition reaffirms our position as a trusted insurance provider in Sri Lanka and motivates us to continue striving for excellence in serving our customers and communities.”
US sports envoys to Lanka to champion youth development
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