The Zanzibar Universal Pension
Two years ago Zanzibar took the revolutionary step of becoming the first in East and Central Africa to introduce a universal pension scheme for those over 70.
Since its introduction, 28,117 older people are now benefitting from the scheme. Although an important leap towards the financial protection of older people, a recent study by the Economic and Social Research Foundation (ESRF) revealed that older people’s source of income was still highly dependent on relatives despite being able to access a pension for the last two years.
One of the key findings from the report was that older men and women still lack basic financial management skills. This skills gap negates the very essence of the universal pension, which is to ensure the income security of older people in Zanzibar.
To address this gap, HelpAge with funding from Irish Aid, has set up a project that provides older people with essential skills in financial management.
The aim of the training was to help older people understand the benefits of planning and budgeting, so they have more control over their finances.
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