WHY FINANCIAL LITERACY TRAINING IS VERY CRITICAL IN OUR COMMUNITIES

 Lives have been lost due to finances. Money is a very controversial topic and it becomes dangerous if it is not adequately discussed in society. Everyone wakes up in the morning to look for money. The question is why is it elusive to the majority and a few are able to master it. The other question is, is there enough money for everyone in the world? A few years back two young men were intercepted by the public after gunning down a prominent businessman in town. On 24th May 2025 there was a headline in the New Vision that noted that a number of Uganda's youths were addicted to gambling. In fact the article showed that a number of students had dropped out of school because of  gambling. The question is, where does this leave Uganda's development if most of the youths who form the majority in the country are addicted to gambling? A few years back a number of Ugandans lost their hard earned money to a company that promised them instant and abnormal returns. Many lost their funds and some even used their retirement money to fund this "investment". This shows us that Ugandans love to develop and it is critical that financial literacy training should begiven the due attention that it deserves.

Financial literacy is defined as having the knowledge, skills and confidence to manage one's finances well, taking into account one's economic and social circumstances. This definition is really comprehensive and requires a skillful elaboration to point it out for the common person. Financial literacy is a skill. We have witnessed so many international and national sports stars who earned a lot of money and lost it simply because they lacked the skills and art of making money. It should be noted that it is easy to make money but maintaining it is a tough task. A number of women in cash rounds after receiving the funds are very excited and spend it on luxuries. In a short period the funds are done and they are back to zero. If these women are to upgrade their financial circumstances they should place their attention on seeking training from experienced finance professionals.

Luckily Bank of Uganda and the Uganda Financial Literacy Association  have dedicated their efforts to training over 2000 financial literacy trainers across the country . This move is a step in the right direction. So many communities have financial wounds simply because they lack access to financial literacy. People have lost their property to loan sharks simply because they do not know how to calculate interest rates. The other day I saw a clip of a man who moved with large sums of money in a polythene bag and the money fell. He risked his life. He would have done better if he had kept the money on his account in the bank.

During Covid 19 and the lockdown there was a lot of financial pressures that led to domestic violence and mental health issues. I remember 2 incidents of two young men who burnt themselves because they could not cope up with life.

So financial literacy is not just a casual word. It is a critical issue that requires urgent attention and collaboration from many stakeholders.

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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