Experts have called for developing a community-level financial literacy curriculum to improve financial literacy in communities in Uganda.

A research report entitled: ‘Financial Awareness and Literacy Leadership (FAAL) recommends the introduction of a structured financial literacy curriculum at the community level to provide consistent and comprehensive education.

The report was released on Wednesday, July 31, 2024, at the Country Gardens Hotel, Semuto. The study focused on understanding the determinants of financial literacy levels among rural women in the area.

The event was attended by a diverse group of stakeholders, including the Luweero district deputy mayor Prince Juuko Patrick, Luweero local council officials, savings and cooperatives organization leaders and over 50 women from the area.

Juuko expressed gratitude for the efforts to share the project's findings with the community.

He encouraged participants to learn from the results and apply the insights to enhance their financial well-being.

Participants emphasised the importance of financial literacy and discussed strategies to support women in achieving financial independence. These strategies include enhancing their capacity to support themselves, their families, and their communities.

Dr Hellen Namawejje, a lecturer at the Department of statistical methods and Actuarial Sciences at Makerere University said the primary objective of the project was to assess the financial awareness and literacy levels among rural women in Luweero District.

The study included a needs assessment of financial awareness and literacy skills, training on financial literacy skills, and linking women farmers to various local associations, including healthcare, insurance, agricultural, banking, financial services, and women's associations.

The key findings were that financial literacy training significantly improved the participants' ability to make informed financial decisions, including budgeting, saving, spending, and investing. This improvement is expected to enhance their standards of living over time.

On financial education, the study highlighted that financial education should be accessible at all stages of life. It showed that business ownership and financial influence, both from family and school, are crucial in enhancing financial literacy among rural women.

On the role of associations, it said that membership in village savings and loan associations and Savings and Credit Cooperative Organizations) was found to be positively associated with higher financial literacy levels.

The study recommended that continuous training programs should be undertaken.

“Implement ongoing financial literacy training programs to sustain and enhance the skills acquired by the women,” Namawejje explained.

Regarding community sensitization, Namawejje called for raising awareness about government initiatives and their relevance to financial literacy and empowerment.

She said that family financial education is key at the family level.

“Women should be encouraged to teach their families, especially children, about financial matters to instill good financial habits early on,” Namawejje said.

The study sample involved 150 women from Luweero district.

According to Namawejje, Luweero district is a political district and the Ugandan government has invested a lot of resources to support the local people to come out of poverty through different initiatives. But the results are astonishing and the value of money is not seen.

“Amongst the many reasons that cause failure of government initiatives is the low levels of financial literacy among the people but more so among women. Hence the study investigated the different factors associated with financial literacy levels among rural women in Luweero District in Uganda,” Namawejje explained.

The study project underscores the transformative potential of financial education in empowering rural women. By enhancing their financial literacy, we can help them achieve greater economic independence and contribute to their community's overall development.

The study was supported by the Carnegie Corporation of New York through the Future Africa Research Leadership Fellowship (FAR-LeaF) at the University of Pretoria, South Africa.