Makerere University students have been urged to start small income-generating ventures, develop a culture of saving, and acquire practical skills as they prepare for life after university.
The call was made during a financial literacy fireside chat organised by the Emerging Leaders Programme (ELP) in partnership with Stanbic Bank Uganda at Makerere University.
The session was held under the theme, “Grow Your Dimes, Build Your Hustle.”
Israel Arinaitwe, the Head of Personal Banking at Stanbic Bank Uganda, told students that obtaining a university degree remains important, but it should be accompanied by practical skills and financial discipline.
“That degree is very important. Your parents, your guardians and your relatives have sent you here to earn that degree. That degree is probably what is going to help you get money. Or, better still, it is going to open your mind to new knowledge,” Arinaitwe said.
He, however, challenged students not to wait until graduation to start thinking about how they will earn and manage money.
Arinaitwe said students should begin small businesses or other income-generating activities while still at university so that they can gain experience in managing money, dealing with customers and handling the challenges that come with earning an income.
“I am in a hustle as well. My work is a hustle. It is a hustle. And as you start your life, you realise that the work and the life that you are looking for may also be a hustle,” he said.
He also asked students to think beyond money as a means of meeting their immediate needs.
“You need money as a student, and you will need money even more when you leave university and enter the world of work. But why do you need money? Let’s start from there,” he said.
Arinaitwe said financial independence could give young people greater responsibility and dignity, while also helping them support their families.
“You need money for dignity. You need that hustle for dignity because dignity will build your character. It will build your ability to get things done,” he said.
Preparing for life after university
Arinaitwe reminded students that many families make significant sacrifices to keep their children at university.
He said some parents and guardians give up other needs so that their children can obtain university education, with the expectation that graduates will eventually become financially independent and support their families.
“Some of our parents have sent us here on sacrifice. Some of us are here because our parents have denied themselves certain things. And they expect that once you finish this degree and get a job, you will return or pay back the things they have done for you,” he said.
He also pointed out that the education of younger siblings can sometimes depend on the success of an older child at university.
“Some of us have siblings who are in school because we are in this university. But there are others who are not in school because we are at university. Our parents couldn’t afford to have all of us in school at the same time,” he said.
Arinaitwe encouraged students to consider how the skills and businesses they develop could eventually create opportunities for other members of their families.
The Emerging Leaders Programme is a values, character development and life-skills initiative associated with First Lady and Minister of Education and Sports Janet Museveni.
The programme focuses on helping young people develop values, character and practical life skills. It was piloted among students at Makerere University.
Dr Winifred Namuwonge Kabumbuli, Makerere University’s Dean of Students, welcomed the financial literacy initiative, saying students need more than academic qualifications to succeed after university.
“University is not only about academic achievement. It’s not only about academic qualifications. It is also about growing skills, knowledge and the mindset to navigate life and our places of work, but most importantly, to harness the opportunities that come with all this,” Dr Namuwonge said.
Dr Namuwonge thanked ELP and Stanbic Bank for supporting the engagement, saying financial literacy was particularly important for students preparing to enter the workplace.
Makerere University Students’ Guild Speaker, Trevis Mutatiina Muhwezi, also welcomed the engagement, saying it allowed students to discuss financial management, personal development and the challenges they are likely to face after university.
Arinaitwe also encouraged students to develop a habit of saving and investing instead of spending all the money they receive.
“If you are not preparing, saving or investing in anything, you are robbing yourself of the benefits of the future. Not investing is extremely dangerous,” he said.
He warned students that poor financial decisions could affect their long-term plans.
“Money can become the source of distractions, the wrong business, wrong behaviour, a wrong group. These have the potential to destroy you and all your plans,” Arinaitwe said.
He urged students to seek financial knowledge so that they can better understand how money works and make informed decisions about earning, spending, saving and investing.
“The easiest way to get rid of all these is to acquire knowledge, so it can help you understand and get wisdom and experience,” he said.
