SUCCESSFUL FINANCIAL LITERACY REQUIRES COLLABORATION

 Of late there have been many cases of crime reported in the media .Most of them are attributed to money issues. A case in point was a suspected witch doctor who murdered two innocent children in Kiboga District. There was a man who entered a gate and asked for ransom from parents and when they failed to give him the money he cut innocent young children. From a financial literacy perspective, these are indicators of what is prevailing in the country. A society where many people are struggling financially are bound to commit crime as a way of "surviving"( of course not all of them). 

With the magnitude of financial needs in the country coupled with the fast changing financial landscape, financial literacy training is a key intervention that can address a number of societal challenges. In fact even the government through its institutions such as National Planning Authority, Bank of Uganda, Uganda Retirement Benefits Authority, Enterprise Uganda, Bank of Uganda, National Social Security Fund and other private entities such as Uganda Financial Literacy Association , Equity Bank ,Be Money Wiser Company, Master Card Foundation and Private Sector Foundation have been at the forefront of providing financial literacy training to the nation especially the financially excluded. When majority of the population is financially literate there are so many benefits at a personal, family, community and national level.

Financial literacy is a very broad term and it requires so many players. These include banks, schools, investment professionals, insurance, tax consultants and financial coaches and trainers. It has topics ranging from savings, budgeting, financial services, entrepreneurship, retirement planning ,taxation, investment and consumer protection. With this context and variety, it is evident that a section of society may regard financial literacy just as a mere term without comprehending its full implication.

From the above discussion it is important to note that collaboration is key in ensuring that Uganda has financially literate people who can positively contribute to the economic development of the country.


Phillip Kiryowa

Finance and Leadership Coach

+256752615916 

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