Experts urge youth to build financial resilience now

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Young people have been urged to take charge of their financial futures by building resilience, managing risks, and taking bold steps toward economic empowerment.

This call came during the BILLI NOW NOW GN Trybe Youth Summit 2025 held in Kampala on Friday, where financial experts, youth leaders, and activists rallied the youth to develop financial literacy and take action for sustainable growth.

Speaking on behalf of Insurance Regulatory Authority (IRA) boss Hajji Ibrahim Lubega Kadunabi, Mariam Nalunkuuma, head of corporate affairs at IRA, said that financial resilience is no longer optional; it's essential.

“Financial resilience is not just about saving money; it's about building a secure future. We urge young people to take an active interest in financial literacy and develop the skills needed to navigate today’s complex financial landscape,” she said.

Why financial resilience matters

Financial resilience refers to the ability to withstand economic shocks, whether from personal emergencies or global crises. Nalunkuuma pointed to the COVID-19 pandemic as a wake-up call.

“Many businesses shut down, and children dropped out of school because people weren’t prepared. Some schools were turned into bars, rentals, and farms,” she noted. “But those with resilience were able to pivot, moving businesses and education online.”

She urged youth to think beyond short-term goals, noting that even something as routine as riding a boda boda poses risks that can be mitigated through insurance.

“You can’t stop using boda bodas, but you can protect yourself with insurance,” she advised.

Nalunkuuma emphasised that countries with inclusive financial systems tend to be more stable and equitable, adding that financial resilience is the backbone of sustainable development.

Some youth attending the BILLI NOW NOW GN Trybe Youth Summit 2025 held at Reach A Hand offices in Kampala on July 11, 2025. (Photo by Lawrence Mulondo)

Insurance and policy

As Uganda shifts from Millennium Development Goals to the Sustainable Development Goals (SDGs), she said, tools like insurance are vital, not just as services, but as safety nets for youth.

“No one is coming to save us from our challenges,” she said. “Youth must use their voices to advocate for smart policies that prioritise them. When Parliament passes a policy, ask, are the youth included?”

She also called for broader access to affordable financial services, including insurance, banks, cooperatives, and digital tools.

“Support small businesses and informal workers. They’re the backbone of our economy. Advocate for investment in digital infrastructure, like phones and mobile banking apps, and build a financially resilient future where no one is left behind,” she added.

Daisy Tuzo, Director of Global Youth Engagement at Planned Parenthood Global, reminded attendees that Africa is rich in dreamers, doers, and future leaders.

“Youth voices are powerful. They’re not just observing, they’re rewriting stories and making space where none existed. We are often told to wait for our turn, but we must remember, nothing should be done for us without us,” she said.

Tuzo challenged young people to be intentional in their activism.

“The future is yours if you design it. Be architects of a world shaped by justice, equity, sustainability, joy, and freedom,” she urged. “Raising your voice is good, but raising it with strategy is better. Power without direction isn’t power at all.”

Building a billion resilient youth

Benson Muhindo, Head of Programs at Reach A Hand Uganda, explained that the BILLI NOW NOW Summit is part of a global movement aimed at empowering one billion young people to take charge of their lives.

“This is our third summit. It’s part of Africa’s Agenda 2063, which focuses on health care, education, and economic empowerment,” Muhindo said.

“We want youth to go back to their communities ready to hold governments accountable and push for policies that reflect the reality of young people today, not tomorrow.”

He added that Uganda is making progress but must continue involving youth in initiatives like the Parish Development Model and the broader money economy.

“Young people should not be leaders of tomorrow, they are the leaders of now,” he said.

Joan Atuhaire Mugasa, a young attendee, said youth face many financial hazards simply because they lack knowledge.

“Financial illiteracy holds us back. That’s why we don’t have the resilience we need. But no one is coming to save us as Africans. We have to be the ones to design the Africa we want,” she said.

She stressed the need for youth to learn how to support one another and prepare for the future while they still have energy and opportunity.

“We must use our time now to gain knowledge, save, invest, and create solutions. Africa is ours. Let’s not stay ignorant when we have the chance to build something great,” she said.

At the summit, it came out clearly that financial resilience is not a luxury; it’s a necessity. Young people must rise, act boldly, and prepare for a future that reflects their vision, strength, and determination.