KAMPALA – Financial experts have advised individuals and businesses to adopt a culture of saving to sustain growth amid economic uncertainty. The current global economic instability, marked by high inflation and supply chain disruptions, has increased the cost of living. However, experts see opportunities to leverage savings and investments to prepare for future uncertainties and earn higher yields.
According to Samuel Matekha, DTB’s Head of Marketing and Communications, many Ugandans remain poor due to a lack of basic saving and investment skills. He emphasized the importance of financial institutions conducting financial literacy drives in workplaces to teach employees effective money management.
“Don’t be ashamed to live within your means. In fact, the best thing you can do is to live within your means and save something for a rainy day. As financial institutions, we are obligated to teach you how to manage your money, so that you can save and get yourself out of poverty with your savings,” Matekha said during a financial literacy workshop for Graphic Systems Ltd employees.
He advised employees to set financial goals, develop plans to spend wisely and save at least 20% of their income.
Immaculate Onyota, Graphic Systems’ Human Resource Manager, expressed gratitude for the training, noting that many employees lack experience with saving and investments, leading to financial instability.
“It’s important for every employee in Uganda to receive financial literacy training to lift themselves out of poverty and improve the national savings culture,” Onyota said. However, Ugandans currently save less than 10% of their income, making it challenging to invest in revenue-generating projects.
By adopting a culture of saving and investing, individuals and businesses can prepare for future uncertainties and contribute to economic growth.
Financial institutions play a crucial role in providing financial literacy training to empower employees to manage their earnings effectively.
