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Students advised to develop a savings culture

By Vision Reporter

Added 10th September 2014 01:39 PM

University students have been advised on financial literacy and develop a culture of savings for sustainable development.

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University students have been advised on financial literacy and develop a culture of savings for sustainable development.

 By Francis Emorut                                                   

 
University students have been advised on financial literacy and develop a culture of savings for sustainable development.
 
“Don’t think that you are too young to start creating wealth. Be productive and open a bank account and start savings,” Leonard Okello, the chief executive officer of The Uhuru Institute told Makerere and Kampala International University students.
 
Okello gave an example of a 12 year-old boy who owns 67 goats telling the university students not to underestimate themselves in terms of age.
“Be productive to create wealth. If you are not productive you are a nuisance to society,” he said.
 
He was speaking during a dialogue on sustainable development at Kampala International University on Monday.
 
The dialogue held under the theme: “Unlocking Young People’s Potential for Sustainable Development through Collective Investment,” was organized by Forum for Women in Democracy.
 
It aimed at enhancing youth capacities to focus on developmental innovations and ideas that will lead to community transformation as well as increasing youth engagement on broad national issues in economic development and democracy.
 
David Okubal a finance officer implored the youth to start setting financial goals; short, medium and long term aimed at sustainable development but warned that it all starts with a culture of savings if one is to realize his/her dreams.
 
“Create a monthly spending plan. Have a culture of savings. Separate needs from wants. There is no teacher for savings. It’s a personal discipline. Do it every month,” Okubal advised.
 
“Don’t make your needs escalate than wants. Prioritize your needs,” he stated.
 
Helena Okiring, a programme officer at Uganda Youth Network observed that youth contribution to the economic and political development is still wanting.
 
“Majority of youth especially students don’t know what it means by engaging in political processes and what consequences it holds for them. These have found themselves to be easily manipulated by politicians to drive their different political agenda,” Okiring said.
 
Susan Atim a student at Kampala International University said the financial literacy was helpful to her in that she saw the importance of developing a culture of savings.
 
Fancy Awati a student from Makerere University observed that students' participation in economic and political processes was important 
 
Mohammed Abdu of Kampala International University emphasized the need for students to financial literate.
 
On HIV/AIDS scourge Okello advised the youth to use ABC (Abstain, Be faithful and use Condom) approach to avoid infection.
 
He cautioned university students not to have sex with sugar daddies and mummies because studies show that the latter and former have multiple sexual partners.
 
“Have sex within your age group it’s safer,” Okello claimed. 
 

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