On July 31, 2024, we held a dissemination event for our project titled "Financial Awareness and Literacy Leadership (FAAL)" in Luweero District, Uganda. The study focused on understanding the determinants of financial literacy levels among rural women in the area. We were honoured to host diverse stakeholders, including the District Deputy Mayor Prince Juuko Patrick, the Semuto SACCO Manager, the Community District Officer, three chairpersons from the villages where the study was conducted, and over 50 women who participated in the dissemination.
The District Deputy Mayor inaugurated the event and expressed gratitude for our 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. Other stakeholders also provided remarks, emphasizing the importance of financial literacy and discussing strategies to support women in achieving financial independence. These strategies include enhancing their capacity to support themselves, their families, and their communities.
Study Objectives
The primary objective of the FAAL project was to assess the financial awareness and literacy levels among rural women in the 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.
Key Findings
Financial Literacy Training: The 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.
Financial Education: The study highlighted that financial education should be accessible at all stages of life. It also showed that business ownership and financial influence from family and school are crucial in enhancing financial literacy among rural women.
Role of Associations: Membership in village savings and loan associations (VSLA) and SACCOs (Savings and Credit Cooperative Organizations) was positively associated with higher financial literacy levels.
Recommendations
Continuous Training Programs: Implement ongoing financial literacy training programs to sustain and enhance the skills acquired by the women.
Community-Level Financial Literacy Curriculum: Introduce a structured financial literacy curriculum at the community level to provide a consistent and comprehensive education.
Community Sensitization: Raise awareness about government initiatives and their relevance to financial literacy and empowerment.
Encourage Family Financial Education: Women should teach their families, especially children, about financial matters to instil good financial habits early on.
The FAAL 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.
I gratefully acknowledge the support of the Carnegie Corporation of New York through the Future Africa Research Leadership Fellowship (FAR-LeaF) at the University of Pretoria. Thanks to my supervisor, Prof. Bruno Yawe, for his invaluable guidance and support. I also extend my gratitude to the various stakeholders and the women in the Luweero District who participated in this project and contributed to its success. Your collaboration and insights were instrumental in achieving our objectives.
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