FINANCIAL LITERACY & PERSONAL DEVELOPMENT

 Of late in the News papers there have been discussions of the aid freezes to Africa. It got me thinking that in my personal life am I ready for economic shocks? What can happen in case I have an emergency ? Am I ready for such a time. Do I have an emergency fund to cater for unexpected uncertainties? These are pertinent questions. This is because we live in volatile, uncertain ,complex and Ambiguous(VUCA)  times that require utmost attention and reflection. As life is when the going is good we tend to relax and forget to put contingencies. With such aid freezes perhaps it is an opportunity for us to reflect our financial lives. During Covid 19 period and lock down there are two young gentlemen who killed themselves. This was because they could not cope with life's pressures. The cases of domestic violence and mental health increased .This shows the importance of money in our lives. Without adequate finances managing life becomes a tall order for the majority in society. Dur...

 There are so many reasons that have been given for the lack of advancement in our financial lives. True many are valid because life is tough. But then there are people who have been in more extreme financial hardships and have made it. In Think And Grow Rich: A Black Choice, Dr. Dennis Kimbro points out several black Americans who were born in poor families but ended up wealthy. These include Oprah Winfrey, Dr. Washington Carver and Dr. Ben Carson . I believe that attitude towards life plays a critical role in determining our fate . We all have the potential to achieve our long term goals but the lack of inner belief always restrains our initiative. Many have attributed their lack of progress to past factors such as being born  in poor environments.  A close look at some of the most successful entrepreneurs makes us understand that circumstances should never stop us from dreaming big. At the age of 60 Colonel Sanders started KFC with a recipe that was rejected by many i...

 One of the least discussed topics is debt management. In a nation where resources are scarce it is inevitable to borrow to make ends meet. In fact some people borrow from more than one source. The key question that I want to pose is where do Ugandans borrow from? I may not have the answer but as a Financial Literacy Trainer it is my duty to prepare the community to practice responsibility when borrowing. Good borrowing practices are fundamental to a healthy economy. Last year we witnessed 2 financial institutions that were closed and this is at times caused by the bad borrowing practices. Since debt is a major part of our lives it is important for a customer to take the necessary steps in choosing the right company to extend credit to them. I have witnessed a number of trainees in agony because they went to certain loan sharks who lent to them and when they failed to pay they take their valuable property. We are living in a society that desires instant loans but then the question ...

 Everybody desires to have a better financial future. The question is how consistent are we in our savings journey? There was a group of women who were able to save 17 million Ugandan shillings and by December they distributed the money amongst themselves and spent it during the festive season. By January they were back to zero. Without a clear purpose for saving we are unlikely to hit our savings targets. We live in a society that is full of distractions and if we are not careful we can easily be side tracked. As a financial literacy trainer I have interacted with so many trainees who struggle with savings and I should say that saving is not easy in an economy where the cost of living is high and money is scarce.  Despite the economic hardships we need to find ways of surviving and reaching our savings milestones. When one reads about the most successful entrepreneurs their stories are not any different from us. They are consistent in their savings culture. They focus on the ...

 A recent media post showed that a number  of Parish Development Model beneficiaries had diverted the funds into unplanned expenses. This is an illustration that financial literacy training is not a luxury but rather a national good. A number of people see money as a seed to spend . That is why some youths always expect handouts as a way to survive. With a handout mentality very prevalent among the youths who are the majority in the country, there is a need for a paradigm shift. A generation that wants to achieve wealth as soon as yesterday requires training that great wealth requires consistency. When one reads about the entrepreneurs who have contributed meaningfully to the development of the world and the nation it can be summarized as a story of consistency. We are all victims of the predominant messages that true success can be achieved overnight. This has made many youths sell off land and buy boda bodas in the already congested Kampala. It has led to the rise in gamblin...

 As a writer Iam guilty of quoting companies from abroad that have scaled and created enormous impact in Uganda. The question that I put across is don't we have Ugandan companies that started small and have scaled? At a recent training they gave examples of Ugandan businesses that started small and have scaled over time. They might not be many but they are an indicator of what can happen if a Ugandan entrepreneur is focused and perseveres. Ugandans by their very nature are enterprising but it seems we take this unique gift for granted. If you want to witness the entrepreneurial spirit of Ugandans, try to pass down town Kampala and witness how women and young people are trying to market their products to customers. To show their resilience even when tax authorities run after them they do not quit. Studies show that though Uganda is one of the most entrepreneurial countries in the world, these businesses do not see their first birth day. The key question is, what is the missing link?...

 Attention goes to whether as a society we emphasize financial literacy training at a young age as a nation. This is not to neglect the fact that there are so many intentional parents who whole heartedly devote shaping their children in all aspects of life and we commend them. Other stakeholders such as government and civil society have also played a critical role in nurturing society to save. There are so many grassroot movements that are influencing behavioral change among Ugandans and that is commendable. In particular Uganda Financial Literacy Association is playing a critical role .  While a lot is being done there is much more that requires our attention to safeguard the future of Ugandans in relation to their finances. Statistics show that 58% of Ugandans do not save at all according to the 2024 National Population census. The question is  why don't these Ugandans save? It should be noted that saving is not an easy task especially when one has competing priorities ...