Insurance company Prudential Uganda in partnership with Junior Achievement Asia Pacific have been for the last 6 weeks involved in training primary school pupils with basic financial literacy skills that are intended to improve their saving culture from a young age.
Over 50 Prudential Uganda staff and agents volunteered to offer lessons on basic concepts of financial discipline to 500 primary five pupils of Nakasero primary school and Kampala Junior Academy, the schools that are beneficiaries of year’s activity.
The annual activity which started in July up to August is aimed at teaching pupils the basic financial concepts of Earn, Save, Spend and Donate in order to empower them to make monetary decisions in adulthood.
Speaking at the climax event at Nakasero primary school playground, the CEO Prudential Uganda, Arjun Mallik said children in Uganda are denied financial literacy knowledge under the pretence that they are too young to understand money and by the time they are adults, it’s too late for them to learn financial discipline hence the poor saving culture by most Ugandans.
“Poor financial decision making in adulthood often finds roots in poor access to financial literacy when young. We hope the odds improve for all the pupils that have benefited from this program this year and last year. We are going to continue this program even to schools outside Kampala so that more pupils can benefit” he said
Juliet Namuddu, the company’s director of education and social services while speaking at the same event said financial literacy is crucial for everyone especially at an early stage and yet it is not emphasized in Schools.
She asked more financial institutions to extend these services to more schools in the country as a way of ensuring a good saving culture among future Ugandans
The Prudential financial literacy program is part of the company’s Chairman’s Challenge, a flagship international volunteering program that brings together people from across the world to help in their communities as part of corporate social responsibility.