Financial literacy among SAACOs in Uganda: a study of PIMBAS SAACO in Kawempe Division, Kampala

Abstract

In Uganda, financial literacy remains a significant challenge among SACCOS, hindering their financial and economic well-being and development. The study evaluates financial literacy among SACCOS in Uganda using a case study of PIMBAS SACCO in Kawempe Division, Kampala. A quantitative study using 175 random samples was used to collect data from respondents using questionnaires as a tool for data collection. The study findings revealed that PIMBAS SACCO members generally possess a favorable level of financial literacy and demonstrate a sound understanding of financial knowledge. Results also revealed that the social and economic factors, the effectiveness of educational systems, and the importance of financial education programs were found to be significant factors in contributing to financial literacy at PIMBAS SACCO. The study suggests interventions such as financial education in secondary schools, using social media for financial education, and collaboration with media outlets to increase financial literacy. The findings underscore the importance of addressing financial literacy to empower PIMBAS SACCO members so as to enhance their financial decision-making abilities