By Andrew Visper email@example.com
“Managing your finances without a budget and clear plan means you are likely to spend whatever you earn. Eronie Kamukama finds out how being financially illiterate affects you”
The acting Dean of business Victoria University Mr. Wakiraki Bosco raised a concern on financial literacy in Uganda especially the youth as a terrible challenge that are likely to face both in business and out of business since it’s uganda’s vision 2030 to be eliminated.
Wakiraki said this while addressing the congregation of men and women at Victoria University in the training facility named financial literacy.
He added that, Financial literacy seminar was all about education the business community, corporate employee and not for profit entities the need of financial accounting knowledge, financial record keeping, prudent financial management skills and budgeting for financial resources
“It provide focus, drive and momentum,
encourage the development of high quality resources,
encourage the use of simple, clear and compelling messages,
reduce the risk of duplication and unintended gaps
enable partners to learn from each other and
encourage the active participation of a wider range of stakeholders” Said Wakiraki
However a team of top financial professionals and lectures at Victoria University were the lead facilitation of the seminar. They said financial records keeping is not an option but a must for business entities to succeed and the participants requested for more services of the seminar.
“Founder of community based rehabilitation of children with disabilities, people with disabilities should also be catered for” Said Wakiraki
According to the Federal Deposit Insurance Corporation (FDIC) analyzed the intermediate-term impact of a financial literacy program on consumers’ behavior and confidence 6 – 12 months after the end of the program.
They found that consumers were more likely to have a checking account, budget wisely, save for retirement, and more. After the program, 78% of respondents reported they had a checking account, up from 12% before they had undergone the program. Another 69% reported their level of savings had increased after taking the program, with only 3% reporting that it had declined
HOW RELEVANT IS FINANCIAL LITERACY?
Mr. Wakiraki Bosco, once said the financial preparedness of a nation’s youth is very essential to their wellbeing.
He explained that in light of the current problems, it is critical for individuals to become financially literate at an early age so that they are better prepared to make decisions and navigate an increasingly complex financial marketplace.
According to Mr Joseph Byabazaire, chief executive director SEPSEL, an organisation in Busia that trains vulnerable households in financial literacy, budgeting, saving, investment and the ability to ploy through financial negotiations are central in knowing one’s financial responsibilities.
He states that understanding the need for a budget is key but unfortunately across Uganda, 80 per cent spend money without a budget.
Victoria University seminar attracted 250 participants on the first day and later counted to 320 on second day of demonstrating the thirsty for financial accounting and financial management knowledge and skills among the public
This seminar is intended to improve financial management and financial records keeping skills among the business community, not for profit entities as well as the general public.