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Rukungiri Official Urges Inclusion of Financial Literacy in Education

rukungiri official urges inclusion of financial literacy in education
rukungiri official urges inclusion of financial literacy in education
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Rukungiri’s Chief Administrative Officer, Waswa Musokoyi, has emphasized that financial literacy can help Uganda break free from the grip of poverty. He suggests that the government should introduce financial literacy training in all higher learning institutions.

Musokoyi stated, “The majority of Ugandans are struggling with poverty simply because they lack knowledge about effective resource management. This knowledge should be part of the curriculum in educational institutions, ensuring that every graduate understands the value of money.”

Musokoyi made these remarks during the International Teachers Day celebrations in Rukungiri, held at Hotel River Side, with the theme being “The Teacher We Need for the Education We Want.”

He noted that teachers, as knowledge custodians, have the potential to improve their financial situations but often remain in poverty. Musokoyi questioned how teachers could guide others on wealth creation without applying the same principles themselves.

He emphasized the importance of living within one’s means, advising individuals to choose affordable schools for their children and avoid making extravagant commitments during weddings and funerals that exceed their daily income.

Waswa Musokoyi discouraged excessive spending, suggesting that one should invest in products or services to generate income and then manage that income wisely. He also stressed the need to close expenditure gaps promptly to retain funds.

In his perspective, he dismissed the idea that wealth could be achieved through fasting, extensive prayers, or continuous religious devotion. Instead, he emphasized the significance of engaging in income-generating activities.

Regarding pay raises for non-science teachers, Musokoyi explained that the government would need to accumulate more tax revenue to address the issue. He encouraged teachers to embrace the Parish Development Model (PDM) as a potential solution for future financial benefits.

Dr. Elisa Rutahigwa, Rukungiri Municipality Member of Parliament, who presided over the event, urged teachers to assist the government in teaching about the Parish Development Model, which he believes is pivotal for national development.

Rutahigwa acknowledged some teachers’ exclusion from the PDM program, clarifying that it was designed for those without any income sources and unable to pay taxes.

He cautioned teachers against accumulating multiple loans, which he said often led to them leaving their profession. Rutahigwa recommended that teachers join their own SACCO (Savings and Credit Cooperative Organization) to access affordable loans.

Lovence Biriho, Chairperson of UNATU Rukungiri branch, highlighted the challenging working conditions for teachers, which has prompted many to contemplate early retirement.