Economists have pointed out the high dependence rate and the high cost of living among Ugandans as the major drivers of a low saving culture in Uganda.
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| Someone counting money at mobile money centre. |
By our reporter.
Senior businessman and financial expert Professor Newton Buteraba believes Ugandans should save collectively with a goal in a bid to create an emergency basket amidst the unending tough economic times.
The findings further indicated that 35% of Ugandans rely on village savings and loan associations while 30% rely on saving boxes at home.
The Executive Director Enterprise Uganda, Charles Ocici says Ugandans that deal in businesses who adopt a savings culture is a great opportunity for them to get short term loans that will drive their businesses.
However senior economist and business man Newton Buteraba believes saving money with a goal and collectively is the magic bullet to championing financial freedom
"You can't achieve what you what when you save alone, save collectively so you can have passion to save more and more," Buteraba says.
He also believes generating multiple sources of income can be one of the ways of surviving in the current tough economic times while fronting saving.
Some businessmen attribute the low savings culture to the low incomes and the strict and unfavorable working environment they operate in which leaves them with no room to earn a penny for savings.
Uganda still has a low saving culture, but savings have been increasingly growing from shs3.5 trillion in 2011 to about shs20 trillion 2022
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