Sports scribes in the country have been sensitized against unnecessary expenditure as they seek to build their income pillar.
Speaking during the Sports Journalists Association of Kenya (SJAK) Financial Literacy Workshop,ABSA Bank Kenya’s Head of Asset Management Elizabeth Irungu called on sports media practitioners in the country to strive living within their means as they purpose to protect their revenue streams.
The workshop held at a Nairobi hotel comes at a time when the media industry in the country is struggling to meet its financial obligations amidst massive job cuts. The seminar also trained the journalists on investments, retirement, saving, spending, insurance, banking and the bank’s sports sponsorship initiatives.
“Never ever make any investment decision in a haste. You should always spread your portfolio across multiple asset classes, bonds, equites, offshore property and real estate among others facets. In every income that you receive, do your due diligence and shift money in line with the set personal goals, assets allocation and micro economic development,” advised Irungu.
The financial literacy empowerment seminar was conducted by Absa Bank Kenya in the run up to the 2024 Absa Kip Keino Classic Continental Tour ‘s fifth edition which is set for April 20, 2024, at the Nyayo National Stadium in Nairobi.
The seminar also imparted valuable technical tips for journalists who will cover the international showpiece in the country for the umpteenth time.
During the event, athletes will compete at Gold level earning both prize money and world ranking points. The yearly tour was launched in 2020 and is taking shape to be a world-class event.
Peter Waweru, the Head of Brand and Marketing at Absa Bank, Mutwiri Mutuota, Sports Lead at CGTN were among the speakers at the pre-championship media seminar alongside veteran sports photojournalist Stafford Ondego.
Mutwiri underscored the need for a robust sports media welfare programme, adding: “We are living in an environment where constrained earnings and opportunities in the media is causing many journalists- especially those working in sports- to slide further down into poverty.”
“Many are struggling to deal with bereavement of close family members, health issues, redundancies and retirement planning. By establishing a welfare vehicle and benevolent fund, SJAK members can cushion themselves against the adverse effects of the prevailing harsh environment,” added Mutwiri.
Ondego, on his part, said: “Journalists covering, major events like the upcoming Kip Keino Classic have an obligation to understand the dynamics of sports, the jargon and the regulations governing the sport.”
