Most workers in the formal sector are bedevilled with heavy debts because they do not invest their income, CEO of B.C. Bencyn Pharmacy, Anyanah Achelisewine Benjamin has said.
According to him, many of the workers in that sector expend their income instead of investing and maximising them for the future.
“If you go to those who are in the formal sector, I have gone there several times, if you are talking to them, they are rather interested in taking tomorrow’s money and spending it today after all they have an income coming,” he said.
Because of the lack of any proper financial plan on the part of these workers, Mr. Benjamin said they often exhaust their salaries in no time and have to contract loans to cater for their needs until when they receive the next salaries.
The situation, he added, has left many of them with heavy debts which they struggle to repay and thus, worsening their living conditions.
“ Because they have regular income, the financial institution come with juicy things ‘if you take this you can get this’, they take those monies and they get stuck.
Some of them will find it difficult to come out because each time they are getting out, they will go and get another loan”.
Mr. Anyanah Benjamin was speaking on the importance of setting goals in business start-ups.
He indicated that the first step to take in setting a business goal is to identify a societal need that the intended goods or service will solve and the potential market for the business.
This, he said, is essential in ensuring the sustainability of the business and realizing the set goals.
