Only two out of ten Ugandans set long-term goals – Fin Scope

A report released by Fin Scope on financial management by Ugandan adults has revealed that only two out of every ten (10) are confidently setting their long-term financial goals and striving to achieve them.

Financial health or well-being is the extent to which a person or family can smoothly manage their current financial obligations and have confidence in their financial future.

The report indicates that only 1 percent of Ugandan adults have access to and are utilizing pension/ retirement benefits schemes.

“Nine out of every 10 Ugandans were faced by an unexpected event in 2023 which is more than triple the figure reported in 2018 and most of these Ugandans do not have sufficient income to cover their expenses,’” the report shows.

Sarah Byabazaire, the acting Executive Director of Financial Sector Deepening says most Ugandans have to cut back on their expenses and rely on their personal savings, family, and friends to manage the deficit, while a third of the Ugandan adults are not sure whether they can continue covering their living expenses without borrowing any money.

She, however, adds that on a good note, the proportion of Ugandans who are keeping track of the money they receive and spend has increased by 14 percent from the previous Fin Scope study.

Written by Tom Brian Angurini