FINANCIAL LITERACY TRAINING AIMS TO TAKE UGANDANS TO THEIR DESIRED FINANCIAL STATE

 At a recent Trainer of Trainers Financial Literacy Training session organized by Bank of Uganda  it came to my attention that it is important to reflect on the real meaning of financial literacy. Without a clear purpose every asset is bound to be misused. Financial literacy training is so critical to this nation that sometimes if it is simply used an obvious phrase it may not yield the much needed results.

 Financial Literacy is defined as having the knowledge , skills and confidence to manage money well given the circumstances. We all have heard of examples of Ugandan sportsmen who earned a lot of money and ended up financially distressed. What caused that? We have witnessed some people who got international deals and invested money in unresearched projects and lost it all. What does this mean? Financial literacy is a never ending journey. There are those who are good at earning money but keeping it and  growing it becomes a major challenge.

I have spent the last 5 years training youths across the country about financial literacy. Whereas I should recognize that there are some youths who are doing their best to advance their money management skills, to a great extent there are many youths up to university level who take financial literacy for granted. It should be noted that financial literacy knows no status. It is critical that a youth regardless of income level should know how to live within their means. There is a tendency of many youths following their peers regardless of their income levels. I have found youths who earn little money but they compete with friends with better income. I have met youths who do not have a source of income but borrow to spend on luxuries.

If we are to redeem the number of youth from financial distress, a deliberate intervention is needed from grassroot level to change the mindset of the youths. A number of them are predetermined to spend all that they have. This has increased cases of mental health and suicidal attempts. I remember during Covid 19 season and lockdown two youths burnt themselves because they could not cope up with the high cost of living. So many youths do not value the power of humble beginnings. They prefer to wait for large sums of money to start a business. These youths need to know that some of the largest companies in the world such as Google and Coca Cola started as mere ideas.

HOW TO ADVANCE OUR PERSONAL FINANCES 

1.Have a clear and long term financial vision

2.Save as you earn

3.Pay yourself first

4.Live within your means 

5. Create a budget.

6.Research before you invest.

Financial literacy cannot be given casual attention in a world unprecedented changes. The increase in mental health cases and youths committing suicide are majorly because of the lack of clear strategies to overcome financial pressures. As advocated for above the youths should live within their means and seek guidance from experienced finance professionals to reach their desired state.

For individual and corporate financial literacy training contact:

Coach Phillip Kiryowa 

Personal Finance Coach(CMA)

Certified Master Trainer, Bank of Uganda

Founder, Advanced Empowerment Link

0752615916

For Financial Freedom and Sustainable Enterprises




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