BOU Sensitizes Students on Saving, Financial Literacy

In commemoration of the World Savings Day, stomach Bank of Uganda has Monday held a public sensitization to raise awareness on savings and financial literacy.

The activity which was conducted at the City Square in the heart of Kampala saw about 100 students educated on the importance of saving their money in commercial banks as well as adopting good financial discipline.

Christopher Lugonvu and Bliss Asiimwe, sick both financial literacy trainers with Bank of Uganda facilitated sessions on budgeting, viagra buy saving for long term plans and spending within one’s means. They also gave responses to a range of issues raised by the curious youngsters.

“Saving begins with planning. You need to have a plan or set a target for whatever amount of money you want to see on your account within a specific time. Important also is the need to budget and reduce on your expenditure,” said Asiimwe.

She encouraged participants to opt for banks which provide security for their money as opposed to piggy banks whose safety isn’t guaranteed.

Students were also challenged to sit with their parents and find viable investment plans.

ChimpReports spoke to Lubega John Reagan an S.5 student at Tender Talents Magnet School in Kasangati and he heads a savings club with about 50 members at his school.

On steps to take while saving, he tipped young people to; “Decide on what you want to save for and how much you should save on and it shouldn’t be ambitious. Save regularly and make sure your money is in a get safe place.”

Lubega John Reagan a S.5 student at Tender Parents School in Gayaza heads a savings club
John Reagan Lubega,  a S.5 student at Tender Talents Magnet School in Gayaza heads a savings club

He was inspired to start saving so he can start an income generating project in future.

Numerous commercial banks took part in the event to showcase their savings products and guide the public on how they work.

Questions raised by students included risk management, BOU’s role, changes in interest rates and the most recent controversy on distressed banks.

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