Experts root for financial literacy in primary schools

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Standing before a congregation of dignitaries from different financial organizations, Ketra Naluju, a Buganda Road primary school pupil in P.6, discusses the disciplines of money, including saving, investing, donating, and earnings. 

She distinctly explains what each means and how it helps. Everyone clapped. Attendees in their 40s began shaking their heads many of them, asking why they had never had this knowledge before.

Several said that the young generation was better and promising and called for more schools to teach children about money.

Advantages include instilling the culture of managing finances in the right way before they get bogged down with so many of the world’s challenges.

Naluju looked determined, just like any other expert, and while speaking, some people began taking notes from her research. 

“We need to learn to save when we are still young,” she said.

Peter Mugarura, the head of marketing at Prudential Uganda, said this is the best time for young people to have such skills and knowledge.

Mugarura noted with concern that most Ugandans above the age of 30 are struggling with better financial disciplines, hence slowing the rate of investment.

For the time he has worked as the head of marketing, he has observed that in Zambia and other countries in South Africa, most schools have embarked on mandatory teaching of financial literacy. 

This, he said, has helped children from those ends to grow up with the experience and better discipline on how to manage finances.

Children participants in the financial literacy training among children pose for a group picture after the training at Buganda Road Primary School, April 29, 2025.

Mugarura said this can be done in Ugandan schools, specifically at the primary level. 

He said school children have fresh minds and can easily adhere to positive advice about money and investment.

Milly Asiimwe, a teacher at Nakasero Primary School, said everyone can be a billionaire if the spirit is inculcated at a young age.

At Nakasero Primary School, every child is ready to save. For starters, one class under the pilot study has received savings boxes.

Asiimwe said that in the past, the world was different, whereby resources were plentiful and parents would easily educate children. Noting that those who did not fail, out of ignorance.

Currently, she said things have changed, whereby even children should be engaged in money-making to show them the way.

Allen Abenaitwe, who represented Dr. Annet Mugisha, commissioner of education at the Ministry of Education, said engaging teachers is another nice idea since they will be the ones to help children better themselves.

She supported the move, claiming the current generation is so quick to learn and adaptive to everything. 

Accordingly, given the abundance of financial institutions in the country, more experts could also take an interest.

She explained that mismanaging funds at a young age means this grown-up person could become a corrupt official in case given a high-profile office to manage.

She responded to the calls of the experts that financial literacy should be embedded in the curriculum, saying the Cha-Ching financial literacy program is already a curriculum; only the ministry will find ways of adopting it in the existing curriculum.

Financial discipline

Abenaitwe remarked that nowadays parents have been complaining about how their children have turned to misusing their upkeep. 

She attributed the growing habit to a lack of drivers, like financial literacy courses, to guide children in the right path.

We have been struggling with our children to manage money. You give them sh50,000 in a week, it’s done and they are calling Mummy. This money is done, and we need more, so the curriculum is timely, and its high time to take it over to all schools,” she said.

Why now?

Racheal Mwagale, the executive director of Junior Achievement Uganda, explained that introducing this innovation is that children need the service.

Young people need to be empowered, and at Junior Achievement, this is what we do. Our mandate is to educate young people on financial literacy, work readiness, and entrepreneurship,” she said.

“In this specific program, Cha-Ching, we bring it to them for the cause of financial literacy. So, it's a financial literacy program,” she added.