WHY IS MONEY AN EMOTIONAL SUBJECT IN OUR SOCIETY?

 I once asked a certain youth whether he had an account in the bank. The look on his face revealed to me that he was not interested in giving me an answer. I have observed that among the least talked about topics is money. For most groups I have interacted with the most common topics include football and politics. In fact some time  deaths have been caused by money issues. Money deficits have caused depression, land wrangles and even students have missed exams due to money. So the topic of money management can not be kept under the carpet. No one can be happy without adequate money.

We have witnessed gangs beating up people to the extent of killing them in pursuit of money .In  an economy where jobs are fewer than the population the demand for money is very high. From government to Church, money is a currency of life. people have lost lives because of lack of funds.

So the question is, despite the importance of money why is it that this is a topic that is given less attention in our social discussions? Why is it easier for a youth to attend a football match where he will pay entrance fees and miss a free financial literacy training which is aimed at building their capacity to make wise financial decisions? Today we have a generation of youths who are hard wired to spend without looking at the sources of income. They end up in a debt cycle. A lot of social pressure is because a generation of youths are living beyond their means. Some of these lifestyles are influenced by social media and peer pressure . The other day I saw a group of youths who ganged up to beat up sports betting company staff for failure to pay their returns . This is an underlying indicator of the need for financial literacy in our society. The other day a prominent clergy man was beaten while he was jogging and his phone was stolen. So many people have lost their lives while jogging which was not the case in the past. 

How come Indians can come to Uganda with little resources and end up building sustainable and profitable businesses in a short time? I once saw an Indian parent with his son at the bank discussing about money issues. On the contrary there are parents who punish their children for taking as low as 200 Uganda shillings . This may explain why students end up using their tuition for gambling. Also due to limited financial literacy we see many people picking interest in get rich schemes at an old age and losing their precious funds. A case in point is a company that closed last year after taking peoples' hard earned money. 

HOW TO AMPLIFY FINANCIAL LITERACY 

1.Money discussions should start at home

2.Start saving early

3. Intensification of financial literacy training in communities

4.Incorporation of financial literacy in education curriculum

5.Formation of investment clubs

6.Regulation of investment schemes

7. The media should amplify financial literacy messages 


Money is an important currency of life. Unfortunately it is an emotional topic. Without money life becomes tough. Some of the atrocities in society are money related. During the lock down season, two people burnt themselves because they could not cope with life. Money issues are least talked about in most of our common conversations. Why is that so?

Phillip Kiryowa

Finance and Leadership Coach(CPC)

+256752615916

For Financial Freedom and Sustainable Businesses

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