WHY SHOULD MONEY BE A SOURCE OF CONFLICT IN FAMILIES?

 I have conducted grassroot financial literacy training for the past 5 years. I should say that one of the most controversial topics is money. In fact when some people hear you speak about money it is an emotional trigger. Many people in Africa have bad memories about finances. Money has caused divisions among African families to the extent some siblings cannot see eye to eye and cannot talk. This is not news .It is actually a common trend. Money has caused divorces and separation. Money has made previously close friends to separate. Remember without a cohesive society development cannot happen. 

Why does money have a lot of potential to destabilize society. We all know that money is a currency of life. Without money life becomes tough. Whereas money is important in our lives ,It has caused a lot of damage in families as seen above. In examining why that is the case I refer to Indian families that have established family businesses for years and are contributing to socioeconomic development. These family businesses include Mukwano industries, Madhvani industries and Agakhan community. I strongly believe that Indians are not angels. They are human like Africans but makes them exceptional in handling the monster of money. I once saw an Indian with their child in a financial institution where the parent had gone to mentor the child about money at a young age. In contrast I once read a story of a child that was badly beaten by their grandparent for stealing 200 Uganda shillings. So the question is how will this child love money when they grow up?

Rarely is the issue of money and wealth creation discussed at dinner tables in African families. Each person has their own ideology about money. This is not to imply that every African family does not impart money skills into their children. That would be disrespect to the notable African parents who are doing their best to change the narrative .Many parents are doing their best. What am trying to highlight is the dominant gap in discussing the complex subject of money among Africans. Money is a real source of conflict that even lives have been lost.

HOW TO MAKE THE SUBJECT OF MONEY EASY TO DISCUSS IN FAMILIES

1.Money is a mental game

2.Discuss money concepts in practical ways

3.Start small 

4.Let everyone give their views about money

5.Invite seasoned financial coaches to talk about money 

6. Take children to financial institutions to learn about the banking system

7.Every person must develop a budget 

8.Reward those who use their money wisely

9.Entrepreneurship education should start at a young age.

Money is such an emotional subject. It is both a source of joy and misery in society. In the news papers it is common to read about land wrangles among family members. There are families that are deeply divided by issues of property and money. Can we learn a lesson from the Indians. What enables their family businesses to last for decades while African businesses collapse due to money issues. It is time to correct or change the narrative.

For individual and corporate financial literacy training contact :

Coach Phillip Kiryowa

Personal Finance Coach(CMA)

Master Trainer, Bank of Uganda 

Founder, Advanced Empowerment Link

0752615916

For Financial Freedom and Sustainable Enterprises

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