Dr Hellen Namawejje

Africa has a history of initiatives, policies and programmes that aim to accelerate development and fight poverty. Governments and other players have responded to poverty reduction by financing several industries; this has included paying salary earners a minimum wage. A representative case in point is Uganda. The country has experimented with and implemented many programmes designed to improve the quality of life of its citizens. Outputs reveal astonishing results regarding the value of money and effort invested, but the outbreak of the COVID-19 pandemic once again escalated poverty among Ugandans.

Few Africans are introduced to the essential principles of innovative money management or personal finance, at home or at school. This is one reason why the continent is facing financial illiteracy and financial awareness challenges, thus causing poverty. Individuals are susceptible to poor financial decision-making that can negatively affect their health, education and financial security, and that has a negative impact on their economic independence now or in old age. While both genders experience the impact of poor financial decision-making, women are affected more severely.

Dr Hellen Namawejje’s research intends to improve financial awareness and financial literacy among women in the rural areas of the Luweero district and students at the Namasuba College of Commerce in the Wakiso district of Uganda. Financial awareness and financial literacy are paramount to women because they are home managers and need to learn to become money leaders; they can then pass their knowledge on to the next generation.

In achieving this vision, various specialists will train rural women on concepts and skills such as financial planning, budgeting, interest rates, saving and investment accounts, risk diversification and insurance, and the time value of money. These concepts can be applied in their daily lives, for example, by making use of improved pocket-friendly methods for farming practices.

The research aims to improve quality of life. A needs assessment will be carried out before training materials can be developed and methods can be put in place. The next step would be to link the newly financially aware women to different associations within their vicinity. This may have an impact on them financially in healthcare, insurance, agriculture, banking, financial services, planning for retirement and women’s associations, among others.

The research will involve developing a financial awareness and literacy leadership course to cut across students’ studies. They will be shown how, when and why they should save. The course unit for the Namasuba College of Commerce will equip students with solid financial decision-making skills, encourage them to start a savings club and develop a policy brief.