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.
Business
HNB Finance bags 2 CMA Reporting Awards 2025
HNB Finance PLC has been honoured with two prestigious accolades at the CMA Excellence in Integrated Reporting Awards 2025, reaffirming the company’s commitment to transparency, good governance, and integrated business performance.
At this year’s ceremony, HNB Finance PLC was awarded Second Runner Up – joint in the category of “Best Integrated Report , Finance and Leasing Sector”, and also received a Merit Award in recognition of its continued efforts to enhance reporting quality and strengthen stakeholder communication.
The CMA Excellence in Integrated Reporting Awards, organised annually by the Institute of Certified Management Accountants (CMA) of Sri Lanka, acknowledge organisations that demonstrate superior financial reporting standards aligned with global best practices. Winners are assessed on key criteria such as financial performance and strategic management, corporate governance and compliance, innovation and digital transformation, sustainability practices, and professional excellence.
Chaminda Prabhath, Managing Director/CEO of HNB Finance PLC, commented on the recognition, “These awards reaffirm our commitment to upholding the highest standards of integrated reporting and transparent financial disclosure. At HNB Finance, we remain focused on delivering sustainable long-term value through robust governance frameworks, prudent financial management, and continuous innovation. The acknowledgement by CMA Sri Lanka reflects the disciplined efforts of our teams across the organization and motivates us to further enhance our reporting quality, strengthen ESG integration, and reinforce our stakeholder centric approach.”
Business
ComBank joins ‘Liya Shakthi’ scheme to further empower women-led enterprises
The Commercial Bank of Ceylon has reaffirmed its long-standing commitment to advancing women’s empowerment and financial inclusion, by partnering with the National Credit Guarantee Institution Limited (NCGIL) as a Participating Shareholder Institution (PSI) in the newly introduced ‘Liya Shakthi’ credit guarantee scheme, designed to support women-led enterprises across Sri Lanka.
The operational launch of the scheme was marked by the handover of the first loan registration at Commercial Bank’s Head Office recently, symbolising a key step in broadening access to finance for women entrepreneurs.
Representing Commercial Bank at the event were Mithila Shyamini, Assistant General Manager – Personal Banking, Malika De Silva, Senior Manager – Development Credit Department, and Chathura Dilshan, Executive Officer of the Department. The National Credit Guarantee Institution was represented by Jude Fernando, Chief Executive Officer, and Eranjana Chandradasa, Manager-Guarantee Administration.
‘Liya Shakthi’ is a credit guarantee product introduced by the NCGIL to facilitate greater access to financing for women-led Micro, Small, and Medium Enterprises (MSMEs) that possess viable business models and sound repayment capacity but lack adequate collateral to secure traditional bank loans. Through NCGIL’s credit guarantee mechanism, Commercial Bank will be able to extend credit to a wider segment of women entrepreneurs, furthering its mission to drive inclusive economic growth.
Business
Prima Group Sri Lanka supports national flood relief efforts with over Rs. 300 Mn in dry rations
Prima Group Sri Lanka has pledged assistance valued at over Rs. 300 million, providing essential Prima food products to support communities affected by the recent floods across the island. This relief initiative is being coordinated through the Ministry of Defence to ensure the timely and effective distribution of aid to impacted families.
As part of this commitment, Prima Group Sri Lanka donated a significant stock of Prima dry rations to the Government of Sri Lanka on 30 November. The consignment will be distributed across multiple severely impacted districts. These supplies will support families facing disruptions to daily life, ensuring they receive assistance as recovery efforts continue.
The handover took place at the Ministry, where the donation was received by the Secretary of Defence, Air Vice Marshal (Retired) Sampath Thuyacontha. Representing Prima Group Sri Lanka, Sajith Gunaratne – General Manager of Ceylon Agro Industries Limited, and Sanjeeva Perera – General Manager of Ceylon Grain Elevators PLC, officially presented the donation.
Prima Group has been standing with the people of Sri Lanka for over 40 years, and this donation reflects its broader commitment to the nation during challenging times. As relief operations continue across the island, the company remains focused on helping families rebuild their lives and supporting the ongoing recovery process in collaboration with the Government Authorities.
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